Trump's shocking shift: Could higher taxes on the rich Be the key to his tax bill?
In late April, Trump had spoken against the idea of a millionaire tax that was under discussion among Republicans
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Trump to increase taxes on wealth?
Tired of too many ads?
Remove Ads
US President Donald Trump said he is open to a higher tax rate on the rich in order to help workers, as he seeks to advance what he has previously called a "big, beautiful" tax and spending bill through Congress.Trump on Friday said Democrats would seize on "even a 'TINY' tax increase for the 'RICH,'" citing former Republican President George H.W. Bush, who lost his re-election bid after saying "Read my lips: no new taxes" during his 1988 election campaign.Trump said the "problem with even a 'TINY' tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers" is how Democrats would react, citing President George H. W. Bush's infamous "read my lips: no new taxes" comment that would later come back to haunt him."Republicans should probably not do it, but I'm OK if they do!!!" Trump posted on his Truth Social platform. Trump has repeatedly rejected raising taxes on the wealthy as a bad strategy because they would leave the country.Trump's remarks followed a Reuters report that he had spoken to House Speaker Mike Johnson (R-LA) about raising the rate on individuals making $2.5 million or more to increase by 2.6 percent, to 39.6 percent. They had also discussed closing the carried interest loophole for Wall Street investors, per the report, which cited two sources familiar with the conversations.The Republican president suggested an increase to 39.6% from 37% for those earning $2.5 million and higher or joint filers earning $5 million, with carve-outs for small businesses, one source said.The vexing tax issue illustrates the difficulty Republicans face in approving an overall taxing and spending package, what Trump calls "a big, beautiful bill," while facing unified opposition from Democrats.Republicans in the House and Senate are seeking to extend the 2017 tax cuts enacted during Trump's first term in the White House that are set to expire this year. Trump and Republican lawmakers have cited the potential extension as relief for Americans and an economic boost amid Trump's tariffs on imported goods, and vowed to pass it as part of a larger budget bill this summer.So far, Johnson and other top Republicans have resisted higher taxes on the wealthy despite pressure from the Trump's populist MAGA base.In late April, Trump had spoken against the idea of a millionaire tax that was under discussion among Republicans, who were divided on it."I think it would be very disruptive because a lot of the millionaires would leave the country," Trump told reporters in the Oval Office."In the old days they left states, they'd go from one state to the other. Now with transportation so quick and so easy, they leave countries."(With inputs from Reuters)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
23 minutes ago
- Mint
Trump Threatens Washington Commanders' Stadium Over Name Change
President Donald Trump threatened to block the Washington Commanders' bid to build a new stadium in the District of Columbia, escalating his feud with the NFL franchise over its decision to change its name from the Redskins. 'I may put a restriction on them that if they don't change the name back to the original 'Washington Redskins,' and get rid of the ridiculous moniker, 'Washington Commanders,'' Trump said in a post on Truth Social. 'I won't make a deal for them to build a Stadium in Washington.' Trump has previously complained about the football team's decision to change its name amid concerns the old name was a slur against Native Americans. Earlier Sunday, he had asserted there was a 'big clamoring' to switch it back. 'Our great Indian people, in massive numbers, want this to happen,' Trump posted. 'Their heritage and prestige is systematically being taken away from them. Times are different now than they were three or four years ago. We are a Country of passion and common sense. OWNERS, GET IT DONE!!!' The Commanders didn't immediately respond to a request for comment. Trump also leveled criticism at the Cleveland Guardians, the Major League Baseball team that changed its name from the Cleveland Indians in 2021. Trump has sought to reverse other name changes done in an effort to be racially or culturally sensitive. Trump is limited in what he can do about sports teams outside Washington, DC. But the Commanders plan to build a new stadium on land that has been managed by the US National Park Service. The tract's RFK Stadium was home to the team for roughly three decades until 1996. With assistance from Nathan Risser. This article was generated from an automated news agency feed without modifications to text.
India Today
33 minutes ago
- India Today
Avoid personal attacks during Monsoon Session, says Veep, gets Congress fire
Vice President Jagdeep Dhankhar on Sunday urged parliamentarians to engage in constructive politicking and avoid personal attacks during the Monsoon Session of Parliament beginning from Monday. The appeal drew a retort from the Congress, with party leader Jairam Ramesh saying Dhankhar should ensure the treasury benches followed his a group of Rajya Sabha interns, Dhankhar, who is also the Rajya Sabha Chairman, said politicians involved in name-calling others from other parties did not bode well for Indian appeal to politicians. Avoid personal attacks. Time for us to stop calling politicians and names. It does no good to our culture when, in various political parties, people take on senior people of other political parties and call them names," he said. "I appeal to political parties to engage in constructive politicking. And when I say so, I appeal to all parties, parties on the treasury benches, the ruling party and parties that are on the other side. Democracy is never of a kind where the same party will ever come to power," he Vice President called for unity in the thought process of parliamentarians."We must have an absolute sense of decorum, mutual respect — and that is the demand of our culture. We otherwise cannot have unity in our thought process," he said there should be a continuity of development and civilisational ethos. "That comes only from one aspect. We must respect democratic culture," he said."We can have differences of opinion, we can have disagreements, but how can we have bitterness in our hearts?" he to Dhankhar's remarks, Congress leader Jairam Ramesh tweeted, "Couldn't agree more honourable Chairman sir. Well said. Now please ensure the treasury benches follow your advice."The Monsoon Session of Parliament is scheduled to begin on Monday, and is expected to be stormy with several key issues likely to be raised by the central government held an all-party meeting today to seek cooperation from various parties in Parliament.- Ends(with inputs from PTI)Must Watch IN THIS STORY#Parliament
Time of India
37 minutes ago
- Time of India
Will Congress turncoat still get minority vote in Ward 63 bypoll?
1 2 Jaipur: On one side is a Congress neta who recently joined the BJP, and on the other is the minority vote. Although considered a Congress citadel for years, this time a tough fight is expected in the bypoll to Ward 63 of Jaipur Municipal Corporation-Heritage. The bypoll is set for next month following the death of Sushila Devi, who won in 2020 on a Congress ticket. Her son, Sunil Meena, was an influential Congress leader in the ward but he recently switched over to the BJP. Being a woman-reserved ward, BJP is planning to field Meena's wife, Seema Meena, as its candidate. Now the question is whether voters of Ward 63, mostly minorities, would keep faith in Meena and his family or continue to vote for the Congress. "I am confident that if given a chance, my wife would make it for the BJP. This won't be the first time I stand against Congress from this constituency. In 2014, I contested from this seat as an independent candidate and won, defeating both BJP and Congress," said Meena. Congress, on the other side, has zeroed in on around three minority candidates, hoping to reclaim the ward with the help of the minority vote bank. More than 40% of voters in this ward are from the minority community. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo "Meena magic won't work this time. In 2014, it was an exception. He managed to win because the vote bank of the Congress and the voters of BJP got split. He took advantage of being an independent candidate and won the election by a very low margin. This time, the entire minority vote bank would elect a Congress candidate again," said Yunus Qureshi, a Congress leader from the Kishanpole area and the former secretary of the party's minority cell. The state election commission has already started preparations for the bypoll and will announce the date soon.
