XPost: aus.politics, aus.business
It won't make a dent in the lower end of millionaires either!
Donald Trump has once again floated a tax hike on people who make several million a year as part of GOP tax negotiations. But the proposal, which
cuts against deeply held Republican principles, would do little to ding
the runaway incomes of the affluent, tax policy experts say. It also
wouldn�t raise much money for the budget deficit.
As Republicans in Congress try to negotiate a fiscal policy bill, a
decidedly un-Republican concept is back on the table: Raising the tax rate
on the highest earners.
President Donald Trump reportedly asked House Speaker Mike Johnson this
week to create a new tax bracket for people making over $2.5 million, the
New York Times reported and Fortune confirmed.
Trump is also considering ending a loophole that allows finance
professionals like hedge-fund and private-equity managers to pay lower tax rates than ordinary workers, and taxing stock buybacks by corporations,
the Times reported. The decidedly populist proposals appeal to the MAGA
base, which often stresses the party�s responsibility to working-class
people.
https://www.msn.com/en-us/money/taxes/trump-s-tax-hike-on-millionaires-is- back-on-the-table-but-experts-say-it-won-t-make-a-dent-in-the-ultra- rich/ar-AA1EyGUo
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