Trump revives, then discards, then revives again the idea of taxing the rich in big GOP bill
- In May 2025, President Donald Trump initially considered increasing tax rates for affluent individuals earning over $2.5 million as part of the GOP's major tax legislation, then temporarily withdrew that position before later expressing support again.
- This debate reflects tensions within the GOP over tax hikes and echoes Bush-era warnings of 'Read my lips: No new taxes' that contributed to Bush's 1992 loss.
- Republicans are rushing to finalize the 'big, beautiful bill' featuring tax breaks and spending cuts, while Trump privately pressured GOP leaders to include a higher millionaire rate.
- Senator Mike Crapo noted mixed party excitement but said Trump's support is a 'big factor,' with the proposed rate targeting individuals earning $2.5 million and above.
- The on-again, off-again push amplifies GOP divisions and could provoke political backlash due to past tax hike promises and opposition from anti-tax activists led by Gingrich and Norquist.
141 Articles
141 Articles
Trump’s tax hike on millionaires is back on the table—but experts say it won't make a dent in the ultra-rich
Donald Trump has once again floated a tax hike on people who make several million a year as part of GOP tax negotiations. But the proposal, which cuts against deeply held Republican principles, would do little to ding the runaway incomes of the affluent, tax policy experts say. It also wouldn’t raise much money for the budget deficit. As Republicans in Congress try to negotiate a fiscal policy bill, a decidedly un-Republican concept is back on…
Behold the New Tax Plan: More Complicated, Less Fair, Totally Unaffordable
There was much to dislike in the package of large and regressive tax cuts advanced by President Trump in his first term, but I’ll give it this: By expanding the standard deduction, it simplified the process of figuring out what you owe, and by cutting the corporate rate, it made American businesses more competitive. But why stand on precedent? The latest effort, which I can think of only as tax deform, is a tremendously expensive effort to make …
Hartford Courant
Staten Island AdvanceAmid budget battle, Trump makes shock comment on tax hikes
By Tom Wrobleski, Staten Island Advance, N.Y. President Donald Trump has let it be known that he would back a “tiny” tax hike on the rich but said that Republican lawmakers “probably shouldn’t do it.” Amid a heated budget battle in Congress, Trump on his Truth Social platform said, “The problem with even a “TINY” tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is tha…
Associated Press News
Tax the rich? Slash spending? Republicans wrestle with economic priorities in the Trump era
The Republican Party is trying to figure out what it stands for in terms of economic policy during the second Trump administration.
Maryland Rep. Harris defends higher taxes on rich to pay President Trump's budget bill
Maryland’s only Republican congressman, who is usually against tax increases, is setting conditions for approving one. Maryland 1st District congressman Andy Harris spoke with Fox Business News on Friday. He said that, as a last resort, higher taxes for wealthy individuals could lead to the tax cuts President Donald Trump wants. “Ideally, what we could do if we can’t find spending reductions is say, ‘OK, let’s restore that higher bracket,'” Harr…
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