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Yahoo
14-05-2025
- Business
- Yahoo
Trump Says He's OK With 'Tiny' Tax Hikes For The Rich, But Warns Republicans There Will Be Political Backlash
President Donald Trump said he'd be "OK" with "tiny" tax hikes on the rich on Friday, but warned that the changes would likely lead to pushback from the Republican party The Truth Social post follows similar remarks to Time magazine last month The remarks come just before Republicans are set to present the "one big beautiful bill," a piece of legislation that will cover things like tax cuts and budgetary considerations, among other things President Donald Trump said Friday morning that he'd be "okay" with "tiny" tax hikes for the rich, but warned Republicans they should "probably not do it." In a post on Truth Social, Trump wrote, "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... In any event, Republicans should probably not do it, but I'm OK if they do!!!" Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Hasbro, MGM, and Skechers trust this AI marketing firm — Republicans have been struggling to come up with $1.5 trillion in budget cuts to help offset the trillions of dollars in tax cuts that have resulted from the Tax Cuts and Jobs Act, which Trump signed into law in 2017. This is not the first time Trump has indicated that he'd support tax hikes on the rich. In an interview with Time magazine last month, he said, "I certainly don't mind having a tax increase... I'd be raising them on wealthy to take care of middle class. And that's—I love, that. I actually love the concept, but I don't want it to be used against me politically." House Republicans are split on the idea of tax increases for those who make over $1 million a year. When asked by the Washington Post how many senators would support the plan, Sen. Josh Hawley (R-MO), said, "Zero probably. Maybe one or two." The Post also reports that House Speaker Mike Johnson (R-LA), Sen. Dave McCormick (R-PA), and Sen. Ted Cruz (R-TX), are all vehemently opposed to the idea. Trending: Invest where it hurts — and help millions heal:. Insiders told Reuters that Trump is pushing to raise the top tax rate from 37% to 39.6% for individuals earning $2.5 million and higher and joint filers earning $5 million or more. "This will help pay for massive middle and working-class tax cuts, and protect Medicaid," a source told the outlet. Republicans are rushing to hammer out these details so that they can complete Trump's "one big beautiful bill" by the end of the week. Some details of the bill were made public on Friday when the House Ways and Means Committee released a 28-page section of the proposed legislation. Included were plans for an increased child tax credit and an extended roster of lower income tax rates. A much more detailed amendment, including details of how they plan to make good on Trump's promises to end the taxation of tips and overtime pay, is expected to be revealed sometime before the House Ways and Means Committee's next meeting on Tuesday, according to Politico. Read Next:Nancy Pelosi Invested $5 Million In An AI Company Last Year — Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Trump Says He's OK With 'Tiny' Tax Hikes For The Rich, But Warns Republicans There Will Be Political Backlash originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Dithering Trump Attacks His Own Tax Hike Plan for Millionaires
President Donald Trump is in favor of millionaires and billionaires paying more taxes, but he is worried it could cost the Republicans the next election. In a rare moment of doubt, the president appeared to dither about whether it was wise to hike taxes on the super-rich to help pay for his much-vaunted 'big, beautiful' spending bill. President George H. W. Bush was excoriated after striking a deal with a Democratic Congress to raise taxes after famously saying, 'Read my lips; no new taxes' at the 1988 Republican National Convention. The quote was widely blamed for Bush's loss to Bill Clinton in the 1992 presidential election. In a Truth Social post on Friday suggesting he was open to a 'TINY' tax rise, Trump raised the specter of Bush's inauspicious quote. He wrote that he would 'graciously accept' the additional tax burden to help out 'lower and middle income workers', but added 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 claimed the tax vow was not the reason Bush lost his re-election attempt, blaming third candidate Ross Perot, who took 19 percent of the vote, splitting the GOP electorate. Clinton won with a resounding 43 percent over Bush's 37 percent. 'In any event,' Trump wrote on Truth Social, 'Republicans should probably not do it, but I'm OK if they do!!!' The president reportedly told Speaker Mike Johnson in a phone call on Wednesday that the top earners' tax rate should increase from 37 percent to 39.6 percent for people making over $2.5 million a year, and $5 million for married couples. That would effectively reverse a tax cut that Trump ushered into law during his first administration in 2017 when he rolled back the top rate of tax from 39.6 percent to 37 percent. Currently, the top tax rate kicks in for anyone earning over $626,350, but Trump is floating the idea of lifting that to $2.5 million A White House official told Axios: 'This is to pay for working-and middle-class tax cuts that were promised, and protect Medicaid.' Apart from Trump's reservations, the proposal is likely to meet resistance on the Hill, with many Republicans traditionally opposed to any tax increases. One lawmaker who is 'not excited' about the idea is GOP Senate Finance Chair Michael Crapo, but he added: 'There are a number of people in both the House and Senate who are.' Trump has accepted that any tax hike could be 'very disruptive', and conservatives have lobbied strongly against the plan. Last month, he was still on the fence, telling Time magazine he liked the concept, 'but I don't want it to be used against me politically, because I've seen people lose elections for less, especially with the fake news.' But if the president goes all in, Republicans in Congress may yet fall in line if it helps pay for some of the additional spending in Johnson's budget bill, which is still short of votes.
The Hill
09-05-2025
- Business
- The Hill
Trump shifts on taxes, China
Thank you for signing up! Subscribe to more newsletters here PRESIDENT TRUMP WAFFLED Friday on a proposal to raise taxes on the wealthiest Americans. He said GOP lawmakers should 'probably not' raise taxes on the rich but added he would be OK if it did happen, The Hill's Mychael Schnell reports.. '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. NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I'm OK if they do!!!' Trump said in a Truth Social post. This back-and-forth comes as Republicans on Capitol Hill negotiate on a budget reconciliation bill filled with Trump's legislative priorities. According to several sources, the White House reportedly proposed as recently as Wednesday allowing Trump's 2017 tax rate cut on the highest-income Americans to expire at the end of 2025. This would bump those individuals' tax rate from 37 percent to nearly 40 percent, while the remaining tax cuts would be extended. House GOP leaders however have swatted away suggestions of increasing the top tax rate, with Speaker Mike Johnson (R-La.) telling Fox News last month that he 'would not expect that' in the final version of the bill. Trump in an April interview with Time magazine indicated opposition to raising the tax rate on wealthy Americans, claiming that, not only would be used against him politically, but it goes against the Republican party's ethos. 'I actually love the concept, but I don't want it to be used against me politically, because I've seen people lose elections for less, especially with the fake news,' he said. 'We have been working against that idea. I'm not in favor of raising the tax rates because that's — our party is the group that stands against that, traditionally.' • The president's about-face on taxes came shortly after Trump signaled a walk back on his hardline stance on China trade negotiations. Trump said on Truth Social on Friday that he was open to dramatically lowering the 145 percent tariffs he has levied on Chinese imports. '80% Tariff on China seems right! Up to Scott B,' Trump wrote in a post referring to Treasury Department Secretary Scott Bessent. The U.S. and China are expected to hold trade talks in Switzerland this weekend, with Bessent in the lead negotiator seat. AUTOMAKERS BASH TRUMP'S U.K. DEAL The 'big three' automakers on Friday bashed Trump's newly announced trade agreement with the United Kingdom. The American Automotive Policy Council, which represents Ford, General Motors (GM) and Chrysler successor Stellantis, said in a statement that the deal Trump hashed out does little to help their industry's struggles with high tariffs. 'The U.S. automotive industry is highly integrated with Canada and Mexico; the same is not true for the U.S. and UK. We are disappointed that the administration prioritized the UK ahead of our North American partners,' Council President Matt Blunt said. 💡Perspectives: • The Wall Street Journal: Trump Stages a Trade-War Retreat • The Washington Post: As the world goes to hell, Trump is living his best life • The Hill: We need a bipartisan Congress to check presidential power • The New York Times: Watergate-Era Washington Was Less Toxic Than This Read more: • Trump: Biden high-speed internet program 'racist,' 'unconstitutional' • Baier: 'Of course' Trump contributed to declining trust in media • DHS sued over lifting deportation protections for Afghans, Cameroonians • White House: 'Ridiculous' to think Trump doing anything for his own personal wealth. The Ohio Republican Party endorsed Vivek Ramaswamy, former Republican presidential candidate, for governor. © Associated Press Former President Biden's return to the spotlight and recent media blitz discussing his party's pitfalls has some Democrats bristling. 'Elections are about the future. Every time Joe Biden emerges, we fight an old war,' a Democratic strategist who worked for the Biden administration told The Hill. 'Every interview he does provides a contrast to (President) Trump that's just not helpful for the Democratic brand, which needs trusted messengers and fighters who can reach independents and moderates and inspire the base. Joe Biden ain't that.' Steve Schale, a longtime Biden ally who also ran a pro-Biden super PAC in recent cycles, said the former president should turn away from the media and instead focus on humanitarianism. 'I really wish he'd embrace the thing that's been his calling card for 50 years: his humanity,' Schale said, pointing to former President Carter's legacy as an example. Biden appeared on 'The View' this week for his second major post-presidency interview, during which he slammed Trump's return to the White House ('I was in charge, and he won.') Biden's media tour comes after the release of several books detailing his last year in office and how his mental acuity was failing, a claim he staunchly denies. He also denied that he cobbled the Democrats' ability to win by deciding to stay in the race until July. 'There were still six full months,' he told 'The Views' hosts, miscounting the four months left in the race. As Democrats look for a new — and younger — path forward, some in the party worry Biden will still be a liability in future elections, with candidates likely to be forced to confront the former president's decline in the last 18 months of his presidency. 'I don't know who's asking for this,' Democratic strategist Jon Reinish said. 'I actually think that a lot of people are starting to pay much more attention to a younger generation of Democrats free of baggage and who are finally starting to move the party away from folks who stayed too long at the fair.' Read more from The Hill's Julia Manchester and Amie Parnes on how some Democrats are feeling about Biden's post-White House life. 💡Perspectives: • The New York Times: Can Hakeem Jeffries Break Through? • The Washington Post: A pope from Chicago can help bridge Catholic divides. • The Los Angeles Times: Trump's budget would lock in big-government spending and deficits. • National Review: Joe Biden's Election Analysis Is Nonsensical. • The Fort Worth Star-Telegram: Did we see the start of a 2026 Democratic surge in Texas elections? Not so fast. Read more: • Chuck Todd: Bidens more interested in themselves than Democratic Party. • Congressional Black Caucus blasts Trump's firing of Library of Congress. House Speaker Mike Johnson (R-La.) signaled openness this week to banning members of Congress from trading individual stocks after years of failed bipartisan efforts to overhaul congressional ethics rules on investing. 'There's probably a reason that the bill hasn't moved in all those years because there's never been a consensus built around it. But, I mean, I'm open to the conversation,' Johnson told NPR this week, adding 'I don't trade stocks.' Several lawmakers from both parties and both chambers, including House Minority Leader Hakeem Jeffries (D-N.Y.) and Sen. Josh Hawley (R-Mo.), have pushed the proposal with little success. It has never received a floor vote in either chamber. 'Most Americans agree that congressmen should be banned from buying stocks,' Johnson said of the effort. 'As members of Congress, we may have access to information regarding companies and markets, and we absolutely should not have the ability to use this information for personal gain.' According to Capitol Trades, an independent Congressional trading tracker, members of Congress reported buying as much as $1.3 billion in assets and selling up to $1.7 billion in the past three years. Per federal law, members of Congress are banned from acting on insider information by federal law, and the 2012 STOCK Act requires members to report stock trades within 30 days. Here's who's talking Sunday: NewsNation's 'The Hill Sunday': Rep. Tom Cole (R-Okla.). CBS's 'Face the Nation': United Airlines CEO Scott Kirby; New Mexico Gov. Michelle Lujan Grisham (D); Rep. Mike McCaul (R-Texas); Archbishop of Chicago Cardinal Blase Cupich; British Ambassador to the U.S. Peter Mandelson. Fox News's 'Fox News Sunday': Commerce Secretary Howard Lutnick; Sen. Tom Cotton (R-Ark.). NBC's 'Meet the Press': Transportation Secretary Sean Duffy; Sen. John Barrasso (R-Wyo.); Sen. Amy Klobuchar (D-Minn.). CNN's 'State of the Union': Former New Hampshire Gov. Chris Sununu (R); Former Ambassador Rahm Emmanuel (D); Rep. Suhas Subramanyam (D-Va.). MSNBC's 'The Weekend': Gov. Andy Beshear (D-Ky.); Rep. Steven Horsford (D-Nev.); Newark Mayor Ras Baraka. © Associated Press Retired Justice David Souter, who stepped down from the Supreme Court in 2009 after nearly two decades on the bench, 'died peacefully' at his New Hampshire home Thursday at age 85. An appointee of former President George H.W. Bush (R) in 1990, Souter became a point of frustration for Republicans as he often sided with the court's liberal wing. 'Justice David Souter served our Court with great distinction for nearly twenty years. He brought uncommon wisdom and kindness to a lifetime of public service,' Chief Justice John Roberts said in a statement. 'After retiring to his beloved New Hampshire in 2009, he continued to render significant service to our branch by sitting regularly on the Court of Appeals for the First Circuit for more than a decade. He will be greatly missed.' Read more about Souter's legacy. 'JUDGE JEANINE' TAKES ON D.C. PROSECUTOR ROLE President Trump has tapped Jeanine Pirro, a Fox News host and former judge, to temporarily become the top prosecutor in the District of Columbia, after his first pick Ed Martin's nomination fell through this week amid resistance from GOP senators. Pirro, known informally as 'Judge Jeanine' from her multiple TV stints, is the latest in a slew of Fox News hosts and personalities to join the president's administration. Most recently, Pirro has made regular appearances on the network's weekday show, 'The Five.' She previously was a judge and prosecutor in Westchester County, N.Y. 'Jeanine is incredibly well qualified for this position and is considered one of the Top District Attorneys in the History of the State of New York. She is in a class by herself,' Trump wrote in a social media post. After his nomination fell through, Trump appointed Martin to a dual role in the Department of Justice, leading pardon petition reviews and a new 'Weaponization Working Group.' The new duties do not require Senate confirmation. 'Ed will make sure we finally investigate the Weaponization of our Government under the Biden Regime, and provide much needed Justice for its victims,' Trump said in a Truth Social post. 💡Perspectives: • Fox News: The only solution to the crisis of radical district judges • Balls and Strikes: Whose 'Emergencies' Does the Supreme Court Care About? • Slate: Lawyers Who Capitulate to Trump Now Have Something Else to Worry About. • The Hill: The Supreme Court made your rights harder to defend — Congress must now step up Read more: • Sotomayor urges lawyers to 'stand up' amid Trump attacks. • Judge orders Tufts student Rümeysa Öztürk to be released. Someone forward this newsletter to you? Sign up to get your own copy: See you next time!
Yahoo
09-05-2025
- Business
- Yahoo
Trump's ‘big beautiful' spending bill appears on life support as GOP looks to end some tax relief president created
President Donald Trump's hopes to pass 'one big, beautiful bill' seems to be on life support as Republicans seem to put some of the more ambitious tax cuts on ice. On Friday, the president posted on Truth Social that he would be open to raising taxes on the wealthy if Democrats would not demonize it. '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 said, referring to former president George H.W. Bush raising taxes after pledging in 1988 'Read my lips: no new taxes.' 'NO, Ross Perot cost him the Election!' Trump said. 'In any event, Republicans should probably not do it, but I'm OK if they do!!!' This comes as Politico reported that Republicans plan to scale back their attempts to cut taxes as they hope to pass a budget reconciliation bill. Specifically, House Speaker Mike Johnson lowered the number of tax cuts he hoped to pass from $4.5 trillion to $4 trillion. 'Republicans talk a big game … about reining in reckless spending,' House Budget Committee Chairman Jodey Arrington told reporters. 'You won't get the full permanency in the tax policy on all the provisions if we don't get to the $2 trillion in savings, and that's unfortunate.' When House Republicans passed their budget resolution in February, the bill stipulated that the House would need to cut $1.5 trillion to cut $4.5 trillion worth of taxes. But if they fail to find $2 trillion worth of savings, the amount of money from the tax cuts would be reduced by the difference between $2 trillion and the final number of money saved. Republicans hope to pass a major spending bill that will ramp up spending for immigration enforcement along the US-Mexico border and energy production as well as extending the 2017 tax cuts that Trump signed. They plan to do so using the process of budget reconciliation, which allow them to avoid a filibuster from Democrats as long as all parts of the bill are related to the budget. But Republicans only have a two-seat majority in the House and a three-seat majority in the Senate, making their plans to pass a comprehensive bill more difficult. Trump has specifically called for Republicans to fulfil his 2024 campaign pledge to remove taxes on tips, Social Security and overtime. 'It would be a very bad idea to not give tax cuts to working people who elected Donald Trump and elected us,' Sen. Josh Hawley of Missouri told The Independent last week. The House version of the reconciliation bill gave specific instructions to each committee to find a targeted number of spending cuts. By far the most politically contentious has been the instruction for the House Energy & Commerce Committee to make $880 billion in cuts. With the rules for reconciliation forbidding legislation from touching Social Security and Republicans pledging not to touch Medicare, the health insurance program for seniors, many fear they will have to make steep cuts into Medicaid, the health care program that covers children, pregnant women and people with disabilities. Republicans in the Senate also say they do not want steep cuts to Medicaid or other nutrition assistance programs. 'I'm not excited about the proposal, but I have to say, there are a number of people in both the House and the Senate who are, and if the president weighs in favor of it, then that's going to be a big factor that we have to take into consideration as well,' Senate Finance Committee Chairman Mike Crapo told conservative radio host Hugh Hewitt. The tax cuts Trump signed in 2017 expire at the end of this year, meaning Republicans risk seeing taxes increase under their watch. Senate Republicans tend to prioritize cutting taxes even if they do not see major spending cuts while many House Republicans do not want to add to the deficit without substantial spending cuts. At the same time, Republicans face another issue given their small margins: In 2017, the Tax Cuts and Jobs Act capped the deduction people can file for state and local taxes to $10,000 for individuals and $20,000 for married couples. Many Republicans in New York, California and New Jersey, which have higher tax rates than red states, hope to reduce the cap for the deduction, known as the SALT deduction, in the next bill. On Thursday, New York Republican Reps. Mike Lawler, Elise Stefanik, Andrew Garbarino and Nick LaLota put out a statement criticizing a proposal by House to lift the cap to $30,000. 'It's not just insulting—it risks derailing President Trump's One Big Beautiful Bill,' the statement said. 'New Yorkers already send far more to Washington than we get back—unlike many so-called 'low-tax' states that depend heavily on federal largesse.' The statement shows the numerous moving parts Johnson must navigate to get the bill across the finish line. Last month, Stefanik, the former House Republican Conference chairwoman, was forced to retract her nomination to become US ambassador to the United Nations to help pass the legislation.
Yahoo
09-05-2025
- Business
- Yahoo
Trump supports higher taxes for the rich, but says GOP 'should probably not do it' in bill
President Donald Trump offered some mixed messaging as Republicans put the final touches on their tax proposal, saying Friday that he would support raising taxes on the wealthiest Americans to help pay for his sweeping legislative agenda while adding in the same breath his belief that Republicans "should probably not do it." "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. NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I'm OK if they do!!!" Trump wrote in a post on his social media platform. MORE: Trump admin live updates White House Press Secretary Karoline Leavitt called Trump's position on raising taxes for the rich "very honorable" during Friday's White House press briefing. "The president himself has said he wouldn't mind paying a little bit more to help the poor and the middle class and the working class in this country," Leavitt said. "These negotiations are ongoing on Capitol Hill and the president will weigh in when he feels necessary." The ambiguous presidential declaration has thrown negotiators into a frantic scramble -- with the House Ways and Means committee expected to mark up their legislation next week. The inclusion of a tax hike in the "big, beautiful bill" would be a major reversal for House GOP leaders, who have argued that allowing the current tax rates to expire would amount to a tax increase. MORE: Trump floats lower tariffs on China. What would it mean for prices? "I'm not in favor of raising the tax rates because that's -- our party is the group that stands against that, traditionally," Speaker Mike Johnson said in an interview on Fox News in late April. During his acceptance speech at the Republican National Convention in 1992, incumbent President George H.W. Bush uttered the infamous line, "read my lips: no new taxes." Voters ultimately rejected Bush at the ballot box after he broke his vow and signed legislation crafted by congressional Democrats that increased tax revenues to address the growing budget deficit. Trump supports higher taxes for the rich, but says GOP 'should probably not do it' in bill originally appeared on
