Trump Seeks To Raise Taxes For Those Making 2.5 Million or More Per Year 

Trump Seeks To Raise Taxes For Those Making 2.5 Million or More Per Year 

President Donald Trump is currently advocating for a tax increase on the wealthiest Americans, specifically targeting individuals earning over $2.5 million annually and joint filers earning over $5 million. He has proposed raising the top marginal tax rate from 37% to 39.6%, effectively reversing a portion of the tax cuts implemented during his 2017 Tax Cuts and Jobs Act (TCJA). Avior Wealth Management+3Reuters+3The Washington Post+3

This proposal is part of a broader tax reform package that also includes eliminating the carried interest loophole for Wall Street investors and providing tax exemptions for tips, overtime pay, and Social Security benefits. The aim is to extend the TCJA provisions while addressing fiscal concerns. Reuters+1Slattery & Holman P.C |+1The Guardian+3The Economic Times+3Avior Wealth Management+3

The initiative has sparked debate within the Republican Party. While populist figures like Steve Bannon and Vice President JD Vance support the tax hike on millionaires to appeal to working-class voters and address the national debt, traditional conservatives such as Newt Gingrich and Larry Kudlow oppose it, fearing economic repercussions and a departure from longstanding GOP tax principles. AP News+2The Washington Post+2The Guardian+2

As of now, the proposal is under consideration, and its passage remains uncertain due to internal party divisions and the political risks associated with altering tax policies. The Guardian+2The Washington Post+2AP News+2