Europe EditionTrump revives, then discards, then revives again the idea of taxing the rich in big GOP bill
- President Donald Trump considered raising the top tax rate for millionaires earning $2.5 million and above while Republicans draft a large tax and spending bill in Congress in May 2025.
- Trump's proposal followed political and historical concerns, including warnings from anti-tax activists like Newt Gingrich, who reminded that Bush's 1988 'no new taxes' pledge led to backlash and his 1992 loss.
- Despite initially backing off the idea amid party divisions and fears of backlash, Trump privately reiterated to GOP lawmakers, including Speaker Mike Johnson, his support for a higher millionaire tax to counter Democratic critiques.
- The current top tax rate stands at 37% for incomes over about $600,000, established by Trump's 2017 tax cuts, but it expires at year-end and could revert to 39.6%, while the new bill targets incomes well above that threshold.
- Senator Mike Crapo noted mixed feelings in Congress about the tax hike, saying that Trump's backing could influence others as Republicans race to complete the 'big, beautiful bill' ahead of a House vote by Memorial Day.
139 Articles
139 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…
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…
Rare earths, secret clauses imposed by Trump on Zelensky: Americans who will get rich will not be taxed
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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