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Reports surfaced of the White House pushing for a tax increase on the rich in order to extend tax cuts for the lower and middle class.
The tax rate on the highest-income Americans would be raised from 37% to 39.6%.
The White House is making a last-ditch push to raise taxes on the wealthiest Americans as part of President Trump’s “big beautiful bill,” as Republican lawmakers craft the final details of the tax package.
The proposal, according to three sources, would allow the top marginal income tax rate cut that Trump signed into law in 2017 to expire at the end of the year for the highest-income Americans — meaning that rate would rise from 37 percent to 39.6 percent — while Republicans would extend the 2017 tax cuts for the lower tax brackets.
One of the sources said the president had made the policy request as recently as Wednesday. Punchbowl News reported Thursday that Trump asked Speaker Mike Johnson (R-La.) directly to back the policy. Johnson did not respond to a question from The Hill about the tax rate when he left the Capitol on Thursday.
Republicans had previously said the option of a new millionaires tax was on the table as they crafted the bill, shocking and prompting swift pushback from many conservatives who had advocated for decades to make refusing to raise taxes part of party orthodoxy.
Donald Trump said he would graciously accept the increase,”in order to help the lower and middle income workers.”
Trump ended his post with, “In any event, Republicans should probably not do it, but I’m OK if they do!!!”
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 that the Radical Left Democrat Lunatics would go around screaming,“Read my lips,” the fabled Quote by George Bush the Elder that is said to have cost him the Election. NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I’m OK if they do!!!