Trump Supports Higher Taxes for Ultra-Rich to Fund Economic Plan
(MENAFN) U.S. President Donald Trump is now backing a proposal to raise taxes on the nation's highest earners, according to multiple media reports that cite individuals close to the discussions. The move is intended to help balance the costs associated with his broader economic agenda.
Congress is currently debating a sweeping legislative package designed to produce $1.5 trillion in savings over the next ten years. The proposed bill supports Trump’s priorities in areas such as taxation, defense, energy, immigration, and border control, and also includes provisions to raise the federal debt ceiling.
Just last month, Trump dismissed the idea of increasing taxes on wealthy Americans, warning that such changes could be “disruptive” and drive millionaires out of the country.
However, the new proposal is emerging as lawmakers seek ways to contain the overall cost of the package. They are exploring funding options that may include cuts to entitlement programs like Medicaid, which provides health coverage to low-income individuals.
According to media reports, the updated plan suggests adding a 39.6% tax bracket for individuals earning at least $2.5 million annually, or couples making $5 million, citing sources familiar with Trump’s recent discussions with House Speaker Mike Johnson.
In addition, a media outlet reported that the president reaffirmed his intention to eliminate the carried interest tax loophole, which benefits managers of private equity and venture capital funds.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
