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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.
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