Trump proposes raising tax rate for the wealthy to 39.6%, causing divisions within Republican Party
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Trump proposes raising tax rate for the wealthy to 39.6%, causing divisions within Republican Party
According to Jinshi Data, Trump has proposed raising the tax rate for the wealthy to 39.6%, targeting individuals with annual incomes of $2.5 million or couples earning $5 million and above. This proposal would restore the top tax rate to pre-2017 tax cut levels, compared to the current top rate of 37%. U.S. Commerce Secretary Lutnick expressed support for the proposal. Trump aims to fund his economic plan through this measure while avoiding cuts to welfare programs such as Medicaid. However, this break from the Republican Party's traditional stance on tax reduction has sparked intense debate within the party, with several senior Republicans voicing concerns over tax increases, fearing potential loss of political support. Senate Finance Committee Republican lead Crapo remained cautious, stating he was "not excited," but acknowledged that due to the president's backing, it would be a significant factor that must be considered.
Navigating Web3 tides with focused insightsTechFlow, May 9 — According to Jinshi Data, Trump has proposed raising the tax rate for high-income earners to 39.6%, targeting individuals earning over $2.5 million annually or couples earning over $5 million. This proposal would return the top tax rate to pre-2017 tax cut levels, when the top rate was 37%.
U.S. Commerce Secretary Lutnick expressed support for the proposal. Trump aims to use this measure to fund his economic agenda while avoiding cuts to welfare programs such as Medicaid. However, this departure from the Republican Party's traditional stance on tax reduction has sparked intense debate within the party, with several senior Republicans voicing concerns about tax increases potentially leading to a loss of political support.
Senator Crapo, the top Republican on the Senate Finance Committee, took a cautious stance, stating he was "not excited" but acknowledging that, given the president's backing, it would be an important factor to consider.
