Europe EditionTrump considers tax hike on Americans making $2.5 million or more per year: Report
- President Donald Trump recently instructed House Speaker Mike Johnson to raise the top income tax rate on Americans earning $2.5 million or more during a phone call on Wednesday.
- This direction contrasts with mainstream Republican tax policy favoring tax reductions and reverses Trump's prior public opposition to raising taxes on millionaires.
- Trump's proposal aims to increase the top tax rate from the current 37 percent to 39.6 percent, affecting individuals earning over $2.5 million and joint filers above $5 million, as part of a broader budget reconciliation bill.
- Senator Josh Hawley said likely no Republicans would support the plan, while key GOP leaders warn the proposed tax hike complicates efforts to extend the 2017 tax cuts and balance the roughly $36 trillion national debt.
- The proposal risks destabilizing the delicate negotiations on the GOP budget plan, which relies on cutting federal expenditures by about $2 trillion during the next decade to balance tax adjustments and advance the party’s legislative agenda.
108 Articles
108 Articles
Trump is already playing with fire with his tariff plan. Adding a tax hike could mean GOP civil war.
Donald Trump was already playing with economic fire with his tariff plan, something that is all but certain to stoke some degree of inflation, and slow the economy at least in the short term.
Trump millionaire tax hike idea upends Republican political wisdom
President Trump’s last-minute pitch to raise taxes on the highest-income Americans could be rewriting the conventional Republican political wisdom on the issue. The president has sent mixed messages publicly about where he stands on the policy, and whether he thinks it’s good politics — both recognizing the political perils of reneging on a promise to keep tax rates lower, while seeing the upside in neutralizing Democratic arguments and finding …
Trump’s Proposed Higher Tax Rate on the Richest Taxpayers Would Affect Very Little of Their Income
President Donald Trump has proposed extending all the temporary tax cuts he signed into law in 2017 with one (newly announced) exception – allowing the top rate to revert from 37 percent to 39.6 percent for taxable income greater than $5 million for married couples and $2.5 million for unmarried taxpayers.[1] But many other special breaks in the tax code – some introduced by Trump’s 2017 tax law and many others that existed prior to it – would e…
Trump promises taxes for the richest Americans. Economists: It would affect only 0.1% of the population
Donald Trump wants to introduce a new tax transaction for income over $2.5 million per year, but experts say that the measure would have a negligible impact and would affect only a small part of the taxpayers, says Axios.
Trump proposes new tax bracket for Americans making millions
President Donald Trump reportedly wants to create a new tax bracket for Americans making seven figures a year. According to Punchbowl News, he privately tried to convince House Speaker Mike Johnson, R-La., to tax individuals making $2.5 million a year or couples making $5 million at 39.6%. The renewal of President Trump’s 2017 Tax Cuts and Jobs Act would include the change. The current highest tax rate is 37% for individuals making $626,350 or …
Trump says he would accept tax increases for rich, but admits GOP 'probably should not do it'
The president reportedly reached out to House Speaker Mike Johnson about the idea earlier this week that would raise the tax rate on individuals making at least $2.5 million annually by 2.6%, from 37% to 39.6%.
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