Trump’s inner circle weighs push for higher taxes on millionaires

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President Donald Trump’s inner circle is weighing whether the White House should back raising taxes on Americans earning more than $1 million per year as part of the GOP’s 2025 tax legislation, according to two administration officials and three other people briefed on the matter.

While the prospect of a tax hike has gotten a largely chilly reception among Republicans on Capitol Hill, Vice President JD Vance and budget director Russell Vought have expressed openness to the idea in internal administration deliberations and are viewed as supportive, said the people, who spoke on the condition of anonymity to describe private talks. Stephen K. Bannon, who served as the president’s chief strategist during his first term, has been publicly urging Trump to endorse the plan in part as a way to defang Democratic attacks on the GOP as the party of the rich.

https://archive.ph/32WBl

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This would be a politically very smart thing to do. A while ago Fox News published a poll which showed overwhelming support for raising taxes on the rich. Even among Republicans.

[blaze master]

But we have been constantly reminded by posters here how trump is only giving tax breaks to his rich buddies. 

 

I'm so confused.

 

 

[rough diamond]

21 minutes ago, placeholder said:

While the prospect of a tax hike has gotten a largely chilly reception among Republicans on Capitol Hill, Vice President JD Vance and budget director Russell Vought have expressed openness to the idea

Trump will have them fired soon then if it is true!

[rough diamond]

19 minutes ago, placeholder said:

This would be a politically very smart thing to do.

Since when has Trump made any smart moves, political or otherwise?

[SunnyinBangrak]

16 minutes ago, blaze master said:

But we have been constantly reminded by posters here how trump is only giving tax breaks to his rich buddies. 

 

I'm so confused.

 

 

Another democrat conspiracy theory blown out the water. Pelosi and the other mega rich socialists will be livid.

 Trump acting for the ordinary folk the democrats abandoned.

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18 minutes ago, blaze master said:

But we have been constantly reminded by posters here how trump is only giving tax breaks to his rich buddies. 

 

I'm so confused.

 

 

Do you think it's a good idea?

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Just now, SunnyinBangrak said:

Another democrat conspiracy theory blown out the water. Pelosi and the other mega rich socialists will be livid.

 Trump acting for the ordinary folk the democrats abandoned.

So you think this is a good idea?

[Cameroni]

If Bannon supports it this probably won't come to pass anyway.

 

On the face of it appeals to your sense of justice.

 

However, in reality if you tax the rich they'll go elsewhere, which is a problem.

[Will B Good]

4 minutes ago, blaze master said:

But we have been constantly reminded by posters here how trump is only giving tax breaks to his rich buddies. 

 

I'm so confused.

 

 

 

I know it must be difficult for you....the key is to consider is what HAS happened i.e. the past....and what MIGHT happen i.e. the future

 

The Institute on Taxation and Economic Policy estimated that in 2020, the richest 5% of taxpayers received $145 billion in tax cuts, accounting for half of the law’s benefits to U.S. taxpayers....this why some people, heaven only knows why, think the rich HAVE benefitted disproportionately from Trump's TCJA.

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2 minutes ago, Cameroni said:

If Bannon supports it this probably won't come to pass anyway.

 

On the face of it appeals to your sense of justice.

 

However, in reality if you tax the rich they'll go elsewhere, which is a problem.

So the reason that taxes on the rich have been consistently lowered is that they otherwise would have left America?

[blaze master]

17 minutes ago, placeholder said:

 

Do you think it's a good idea?

 

Tax is a tough one right. Rich people do already pay a huge chunk of taxes.

 

But

 

Governments need to tax so. 

[blaze master]

2 minutes ago, Will B Good said:

 

I know it must be difficult for you....the key is to consider is what HAS happened i.e. the past....and what MIGHT happen i.e. the future

 

The Institute on Taxation and Economic Policy estimated that in 2020, the richest 5% of taxpayers received $145 billion in tax cuts, accounting for half of the law’s benefits to U.S. taxpayers....this why some people, heaven only knows why, think the rich HAVE benefitted disproportionately from Trump's TCJA.

 

The rich do already pay quite a bit though right.

 

Nothing difficult really not sure why you're confused. 

[Lacessit]

10 minutes ago, Will B Good said:

 

I know it must be difficult for you....the key is to consider is what HAS happened i.e. the past....and what MIGHT happen i.e. the future

 

The Institute on Taxation and Economic Policy estimated that in 2020, the richest 5% of taxpayers received $145 billion in tax cuts, accounting for half of the law’s benefits to U.S. taxpayers....this why some people, heaven only knows why, think the rich HAVE benefitted disproportionately from Trump's TCJA.

Trump paid taxes of $750 in 2016 and 2017.

 

Someone working for him on $50,000 pa would have paid $5900.

[Mike_Hunt]

3 minutes ago, Lacessit said:

Trump paid taxes of $750 in 2016 and 2017.

 

Someone working for him on $50,000 pa would have paid $5900.

What about 2018 and 2019? 

[NoDisplayName]

6 minutes ago, Lacessit said:

Trump paid taxes of $750 in 2016 and 2017.

 

Someone working for him on $50,000 pa would have paid $5900.

 

Don't take the numbers out of context.

 

What was Trump's income in 2016 and 2017, and how much was he allowed to legally write off from stock losses and bankruptcies?

[NoDisplayName]

28 minutes ago, Will B Good said:

The Institute on Taxation and Economic Policy estimated that in 2020, the richest 5% of taxpayers received $145 billion in tax cuts, accounting for half of the law’s benefits to U.S. taxpayers....this why some people, heaven only knows why, think the rich HAVE benefitted disproportionately from Trump's TCJA.

 

 

Seems fair that those paying the most should benefit more from the cuts.

 

All of a sudden their "fair share" is a bad thing.

[rattlesnake]

It's a subtle balance to find, as it will encourage them to leave. It happened in France and lots of them moved to Switzerland.

[rough diamond]

44 minutes ago, placeholder said:

So you think this is a good idea?

Good ideas and Trump policies/lies/actions is an oxymoron!

[Lacessit]

7 hours ago, NoDisplayName said:

 

Don't take the numbers out of context.

 

What was Trump's income in 2016 and 2017, and how much was he allowed to legally write off from stock losses and bankruptcies?

What context would you like?

 

The rich have platoons of tax lawyers working on minimizing the tax they pay, how many does the ordinary wage earner have?