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Trump’s Float of Tax Hike on Wealthy Hits Resistance, NBC News reports

President Donald Trump proposed raising the top tax rate from 37% to 39.6% for individuals earning over $2.5 million in early May 2025, sparking debate within the Republican Party.
This proposal follows Trump's discussions with House Speaker Mike Johnson about closing the carried interest loophole and tensions over funding defense and immigration enforcement.
Conservative leaders like Senator Ted Cruz and Americans for Tax Reform president Grover Norquist criticized the plan, warning it would tax small businesses and harm economic growth.
Trump conceded on his Truth Social post that Republicans 'should probably not do it, but I'm OK if they do,' referencing George H.W. Bush's failed 1988 'Read my lips: no new taxes' pledge.
The internal GOP disagreement illustrates challenges in balancing fiscal conservatism with funding priorities, affecting the final shape of the party's tax reform legislation by Memorial Day 2025.

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Cowboy State Daily

Lean Right

Wyoming Delegation Not Supportive Of Trump's Idea Of Tax Hike For The Rich

U.S. Sens. John Barrasso and Cynthia Lummis on Monday said they were not fans of President Trump's idea of a tax increase for the rich. They said they don't want a tax hike on anyone.

5 days ago

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Inc.

Center

A Millionaire Tax? Trump Says It Could Happen

A new top income tax bracket of 39.6 percent for those earning more than $2.5 million is reportedly on the president’s mind.

5 days ago

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The Free Press

Lean Right

Trump Is Right About Taxing the Rich

Donald Trump has upended Republican orthodoxy on everything from free trade to foreign policy. Now he is being tempted with the ultimate GOP heresy: a proposal, bubbling up on the party’s populist wing, to raise taxes on the rich.It has created tensions between advocates such as House Freedom Caucus chairman Rep. Andy Harris (R-Md.) and former Trump adviser Steve Bannon, on the one hand, and anti-tax traditionalists such as Newt Gingrich, the fo…

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LewRockwell.com

Far Right

Trump the Tax Raiser

President Trump says he is okay with taxing individuals making more than $2.5 million per year and couples earning above $5 million at a rate of 39.6%. The current top rate is 37% for those making above $626,350, but this is set to expire at the end of the year. The post Trump the Tax Raiser appeared first on LewRockwell.

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UNO Radio Group

Center

They are considering raising taxes on the wealthy to finance the fiscal plan.

President Donald Trump is considering raising taxes on the wealthiest Americans, specifically a new 39.6% tax bracket for those with incomes over $2.5 million annually or couples earning more than $5 million.

5 days ago

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