Wealthy Tax Proposal Scoffed by Trump, as Some GOP Members Advocate
Snapchat That Tax Rant* Whisper It on Instagram* Post It On TikTok
Top Shelf
President Donny Dollarbills voiced some 'tude over a GOP scheme to hike taxes on the Queens of Moolah, grumbling it'd be a total shout-out to chaos.
The Tea
Trump hollered to reporters during a White House photo op, swearing a rich tax boost would drive mil-millionaires to pack up their Tribeca penthouses for tropical paradises with no income tax. He pointed fingers at countries he couldn't remember, claiming they hiked wealthy taxes and lost tons of dough when their big earners skipped town.
He shouted, "Those dang wealthy folks are the ones paying taxes! If we drive 'em away, we'll be screwed!”
House Speaker Mike J. Roonie, Louisiana's swamp boss, blabbed to Fox that he ain't down with the rich pay raise—generally his party's stance. He wagged his finger, reminding folks "Every Tom, Dick, and Mary threw out bizzare ideas when we cooked up that bill," referring to the GOP tax plan cookout.
Bloomberg spilled some beans, murmuring the plan could lead to a 40% tax rate for millionaires, double the current 37% cut-off mark on dough over $600k each year[1].
VP JD Vance and budget director Russell Chouchou have softened up to a mil' tax hike, according to Washington Post[2]. Old friend Steve Bannon excitedly backed the idea, calling it a no-brainer.
Treasury bub Scott Mint has signaled support for raising taxes on the super-rich, reportedly gunning for those pulling in over $5 million a year[2].
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Inside Scoop
Trump briefly flirted with the rich tax hike idea earlier this month but took a U-turn as Republicans plot to keep their 2017 tax cuts intact[4]. If Republicans let the top tax rate return to 39.6%, they could rake in over $400 billion in the next decade[4].
Dig Deeper
Millionaire Tax Hike Gains Steam as Trump Signals Openness (Bloomberg)
Trump's Inner Circle Weighs Push for Higher Taxes on Millionaires (Washington Post)
The Policy Pandorama- If enacted, the tax hike plan could help fund the extension or expansion of current tax policies, possibly including revisions to the state and local tax deduction, a crucial issue for high-tax states like New York and Cali[1]. But, this move could lead to a pullback in investments, prompting stock market falls[3].- The proposal sets off debates on broader wealth taxes, which critics claim come with complicate valuation issues (e.g., liquid vs. illiquid assets) and enforcement challenges[4].- Controversial measures could surface as alternative sources to cover the costs of the tax bill, aiming to minimize economic backlash[1][4].
- Trump, during a White House photo op, expressed disapproval towards a Republican plan that proposed increasing taxes on millionaires, claiming it would be disruptive and drive wealthier individuals to move to countries with no income tax.
- The millionaire tax hike plan could lead to a 40% tax rate for millionaires, potentially doubling the current 37% tax rate for income over $600k each year, according to Bloomberg.
- VP JD Vance and budget director Russell Chouchou have shown signs of supporting a millionaire tax hike, as reported by Washington Post.
- Treasury Secretary Scott Mint has signaled support for raising taxes on the super-rich, aiming for those earning over $5 million a year, according to reports.
