Trump Signals Openness To Higher Top Tax Rate On Millionaires
HuffPost
The president has been going back and forth on taxing the rich, which he’s previously said would cause wealthy Americans to flee the country.
WASHINGTON — President Donald Trump is signaling openness to a higher top tax rate on millionaires as Republicans struggle to agree on Medicaid cuts that would help pay for an array of tax cuts.
Trump is “considering” allowing the top marginal tax rate to go up from 37% to 39.6%, where it was at the start of his first term, according to a source familiar with the president’s thinking. The higher rate would kick in on incomes above $2.5 million.
“This will help pay for massive middle and working-class tax cuts, and protect Medicaid,” the source told HuffPost.
The president suggested the tax increase during a conversation with House Speaker Mike Johnson (R-La.) earlier on Thursday, according to Punchbowl News.
Johnson has previously said on multiple occasions that he doesn’t love the idea of including a tax increase as part of the so-called “big, beautiful bill” that Republicans are hoping to send to the president’s desk this year.
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