[Politics] Some members of American Republican Party contemplating near 40% tax bracket for millionaires

[Albion my Albion]

MSN

​

(Click on MSN)

​

GOP Delivers Bad News to Millionaires Over Tax Plan​

Congressional Republicans are reportedly debating the introduction of a 40% tax bracket for millionaires to offset the cost of planned tax cuts and prevent a rise in the national deficit. Other lawmakers are focused on extending Trump-era tax cuts under the 2017 Tax Cuts and Jobs Act, which lowered rates but faced criticism for favoring higher-income earners. To finance their tax agenda, Republicans are considering revenue-generating measures and spending cuts.

Rep. Andy Harris (R-MD) has expressed openness to raising taxes for millionaires, describing it as a practical way to fund tax priorities such as reducing tipped wage levies. However, Harris clarified this view as personal and not representative of the House Freedom Caucus, which he leads.

Currently, the top individual tax rate remains at 37% for incomes above $626,350.

Sen. Thom Tillis (R-NC) has supported restoring the top tax rate to 39.6% while reducing burdens for small businesses filing through individual returns.

House Speaker Mike Johnson (R-LA) and Majority Leader Steve Scalise (R-LA), however, oppose tax hikes and continue prioritizing low-tax policies.


A trend away from Trump policy and towards the voting public.

 

[Greg Bobkin]

They will branded 'Traitors' by Trump and co before you can say 'Bigly fake news'.

 

[A1X]

Elon Musk didn’t rig an election to pay MORE taxes, dammit!

 

[AK74]

 

[Albion my Albion]

What is the tax rate for millionaires in the UK?

 

[dazzer6666]

What is the tax rate for millionaires in the UK?

45% - but not millionaires, it’s taxed on income over 125k.

 

[Albion my Albion]

45% - but not millionaires, it’s taxed on income over 125k.

Making it look larger

 

[Albion my Albion]

MSN

(Click on MSN)

'Cannot and will not support': 12 Republicans just dealt a blow to Johnson’s budget bill​

President Donald Trump is hoping that Republicans in Congress will pass a "big, beautiful bill' sooner rather than later and get it onto his desk for signature.

But within House Speaker Mike Johnson's (R-Louisiana) caucus, there are some major differences over what should or shouldn't go into the bill. And Senate Republicans don't necessarily see eye to eye with House Republicans on the megabill that Trump envisions.

A group of House Republicans in swing districts, Brooks reports, are making it clear that they will vote "no" to any bill that includes major cuts to the program (Medicaid).