US EditionTrump revives, then discards, then revives again the idea of taxing the rich in big GOP bill
- In early May 2025, President Donald Trump considered increasing the highest tax bracket for affluent millionaires as part of a significant Republican tax and spending proposal being developed in Congress.
- Trump's consideration followed private and public talks amid GOP divisions, with concerns over political backlash recalling George H.W. Bush's 'Read my lips: No new taxes' pledge.
- To address Democratic claims that the legislative plan disproportionately benefits wealthy allies like Elon Musk, Trump suggested increasing the tax rate for individuals with annual incomes above $2.5 million.
- Senator Mike Crapo acknowledged some support but expressed reservations, noting that the new bracket could raise $59.3 billion over ten years amidst GOP debates on spending cuts.
- Trump described the legislation as a 'big, beautiful bill' but signaled cautious acceptance of a tiny tax increase on the rich to aid lower- and middle-income workers despite political risks.
107 Articles
107 Articles
Associated Press News
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New Strait Times
Arizona Daily SunTrump says he's OK with taxing the rich but warns of political fallout
WASHINGTON: US President Donald Trump said on Friday he was "OK" with raising taxes on the wealthiest Americans, as his fellow Republicans consider scaling back the scope of the ambitious tax-cut package they aim to pass this year. © New Straits Times Press (M) Bhd
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