25-04-2025
- Business
- Wall Street Journal
Trump's Smart Tax Decision
President Trump disappointed Democrats this week when he wisely rejected the idea floated by some on the right to raise tax rates on high earners. He's saving Republicans from a blunder that would divide his coalition and hurt the economy.
Our Kimberley Strassel reported last week that leaks in support of raising taxes are coming from political allies of Vice President JD Vance. Steve Bannon, the Goldman Sachs-Hollywood populist, has pitched letting the top rate revert to 39.6%—the level before the 2017 tax reform—from 37%. That rate now begins at $626,350 in income for individuals. He and others also want new tax brackets for those earnings more than $1 million, and perhaps $3 million or $5 million.
