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4d ago

Trump and GOP Leaders Reject Millionaire Tax Proposal

President Trump and key Republicans dismiss the idea of raising taxes on millionaires, stalling internal party discussions on funding tax cuts and spending priorities.

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Rep. Jodey Arrington holds a copy of the Ray Dalio book How Countries Go Broke outside the Capitol Hill Club after a meeting of the House Republican Conference on Tuesday, March 25, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
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Overview

  • President Trump publicly opposed a millionaire tax, citing concerns that wealthy individuals might leave the country, which he argued would harm revenue generation.
  • House Speaker Mike Johnson and other prominent GOP lawmakers have also rejected the proposal, emphasizing the party's traditional stance against tax increases.
  • The proposal, initially floated by Steve Bannon and supported by some within Trump’s administration, aimed to create a higher tax bracket for incomes over $1 million to offset the cost of extending the 2017 tax cuts.
  • Despite support from figures like Vice President JD Vance and Treasury Secretary Scott Bessent, analysts and insiders believe the measure lacks the necessary support to pass Congress.
  • The GOP continues to grapple with balancing tax relief and spending priorities, as the expiration of the 2017 Tax Cuts and Jobs Act looms at the end of the year.