US EditionTrump 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
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 …
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…
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.
'Never before': Trump just took 'even greater control' over 'GOP big money'
In 2024, there were many reasons to see Donald Trump as a liability for the Republican Party. He was facing four criminal indictments — one of which resulted in him being convicted on 34 criminal counts — as well as a range of civil lawsuits. And some well-known conservatives declared that they would be voting Democratic.But Trump's stranglehold on the GOP only grew stronger when he won the GOP presidential nomination and went on to narrowly def…
Kiev, Parliament's revolt against secret agreements that the tax will not impose any levy on any American who should make money with lithium, graphite, cobalt, uranium, titanium, rare earths, natural gas, oil or gold from Ukraine
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