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January 1, Trump Suggests Surprise Tax Proposal Facing GOP Doubts
Former President Donald Trump recently talked about possibly raising taxes on the super-rich, saying it could be okay but might cause problems for Republicans. Trump wants to help lower and middle-income folks, but warns that Democrats could use this move against the GOP, similar to what happened to George H.W. Bush back in the day.
Trump’s idea is to let some of his tax cuts expire for people making a whopping $2.5 million a year for singles and $5 million for couples. That’s way more than the 2024 top tax bracket, which starts at a bit over $600,000 for singles. The tax rate would go from 37% back up to 39.6%, like it was before 2017.
Now, some Republicans and conservatives aren’t excited about this. Folks like Sen. Ted Cruz say it’s a bad idea that could hurt small businesses and job creators. Cruz says it sounds more like a Democrat plan, not something that Trump usually supports.
Grover Norquist, a big anti-tax advocate, mentioned that tax hikes are bad for the economy and jobs. Trump’s allies on TV, like Larry Kudlow and Sean Hannity, also spoke against the idea, saying it doesn’t make sense coming from Trump. They believe it might not align with his usual beliefs and policies.
So, while Trump says raising taxes on the wealthy is fine with him, his party isn’t too thrilled about it.
Wyatt Matters!
Raising taxes on the super-rich could help people who earn less money. This means more support for middle and lower-income folks, which is important. But some people in the Republican Party are worried about this idea. They remember how it hurt their chances in elections when George H.W. Bush raised taxes many years ago. It’s important to think about how this decision might impact everyone in the country.
If you let tax cuts expire for the super-rich, it may bring in more money for the country. This could help pay for things everyone needs, like roads and schools. But some leaders like Senator Ted Cruz think this is not a good idea. They are worried that it might hurt small businesses and make it harder to create jobs. They think that helping people create jobs is the best way to support everyone.
People like Grover Norquist believe that raising taxes can harm the economy. Also, Trump’s friends on TV, like Larry Kudlow and Sean Hannity, don’t think this plan matches Trump’s usual ideas. They are worried it might not be the best move for the country. It’s important to listen to different voices and carefully think about the effects of raising taxes on the rich.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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dave wineland
May 10, 2025 at 6:41 pm
poor people and middle income people don’t create jobs. I don’t know how the super wealthy “shelter” money. Maybe a better approach would be to “reward job creation” and put a “surtax” on high end expenditures such as luxury autos, boats costing more than???? In other words, the wealthy would be rewarded by constructive expenditures but penalized for “big boy toys” beyond a specific dollar. The tax could be a personal property tax. eliminating capital gains (which are mostly taxes on inflation) for incomes above say $500k and not taxing SS for individuals earning below a similar amount as well as dividends and interest income. So households earning less than $500k would only be taxed on earned income. Eliminate income tax completely for Seniors over 60 earning less than say $150,000? or $100,000? Individuals earning over $500k should also lose their SS or be taxed heavily on it to keep SS viable for lower income needs