by Natalia Mittelstadt
President Trump is reportedly pressing House Speaker Mike Johnson to raise taxes on the wealthy for the Republicans’ budget bill.
Trump talked to Johnson privately on Wednesday about the tax increase and closing the so-called “carried interest loophole,” according NBC News, based on what the outlet said was multiple sources. The carried interest loophole is the tax break for carried interest on assets held for more than three years.
The two additional proposals for Trump’s budget bill are in an effort to find enough savings for the legislation, which would extend the 2017 tax cuts, increase funding for defense and immigration enforcement and raise the debt limit.
One of the sources said that Trump is considering letting the tax rate on people making $2.5 million or more annually to return to the pre-2017 rate of 39.6%, up from the current 37%, to help pay for middle- and working-class tax cuts and protect Medicaid.
Trump posted about the potential tax increase on Truth Social on Friday.
“The problem with even a ‘TINY’ tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is that the Radical Left Democrat Lunatics would go around screaming, ‘Read my lips,’ the fabled Quote by George Bush the Elder that is said to have cost him the Election,” Trump wrote. “NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I’m OK if they do!!!”
Last month, Trump warned about increasing taxes on the nation’s top earners.
“You’ll lose a lot of money if you do that,” Trump said. “And other countries that have done it have lost a lot of people. They lose their wealthy people. That would be bad, because the wealthy people pay the tax.”
– – –
Natalia Mittelstadt is a reporter for Just the News.
The post Trump Presses Johnson to Raise Taxes on Wealthy for Budget Bill: Reports appeared first on The Florida Capital Star.
Click this link for the original source of this article.
Author: Just the News
This content is courtesy of, and owned and copyrighted by, https://floridacapitalstar.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
