US 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 taxes on Americans earning $2.5 million or more in a new budget proposal.
- This move contrasts with the mainstream Republican preference for broad tax cuts and follows weeks after Trump opposed raising taxes on millionaires.
- Trump's plan seeks to increase the top income tax rate from the current 37% to about 39.6%, targeting the highest earners and closing certain loopholes.
- Senator Josh Hawley and other Republicans express minimal support for the proposed tax increase, citing concerns that it could hinder efforts to prolong the tax cuts enacted in 2017.
- The proposed tax hike may affect GOP budget talks, amid efforts to balance spending cuts and tax policies while addressing the nation’s $36 trillion debt.
109 Articles
109 Articles
Novinky.cz
noticiasdegipuzkoa.eusTrump considers raising taxes on the wealthiest Americans
US President Donald Trump is preparing an unexpected move, according to foreign media. The Financial Times and The Wall Street Journal agree that the head of the White House wants to raise taxes for the richest Americans. Just a few days ago, he rejected higher taxation of the wealthy.
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 …
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