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Trump revives, then discards, then revives again the idea of taxing the rich in big GOP bill

  • President Donald Trump revived and then abandoned the idea of raising top taxes on millionaires in a major GOP bill in May 2025 in Washington, D.C.
  • This followed private and public discussions as Republicans drafted a large tax and spending package, amid warnings tied to the Bush-era 'Read my lips' no-new-taxes pledge.
  • Trump has advocated for introducing a new top tax rate targeting individual incomes near $2.5 million, while allowing the existing 37% bracket—which currently applies to single filers earning over $600,000—to expire, a stance that is creating challenges for party cohesion.
  • Senator Mike Crapo said he was not excited about the proposal but noted the President's support would be a significant factor, while anti-tax activists led by Gingrich and Norquist oppose increases.
  • The on-and-off push for millionaire taxes suggests potential political backlash within the GOP and affects the bill's path toward House votes scheduled near Memorial Day 2025.
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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.

·United States
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The New Republic broke the news in on Friday, May 9, 2025.
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