Latest news with #TrumpTax
Yahoo
18-07-2025
- Business
- Yahoo
With new website, Democrats seek to target Trump on mega-bill, tariff costs
Donald Trump signs the tax- and spending-cut meg-abill on July 4. A new Democratic Party website uses key talking points from Donald Trump's 2024 campaign against the president and his policies. (Photo by Alex Brandon - Pool/Getty Images) Aiming to use President Donald Trump's signature policies against him, Democrats unveiled a website Wednesday that depicts their purported costs to taxpayers in each state. The website draws on projections from the Congressional Budget Office and other sources as it advances the argument that the mega-bill passed by Republicans in the U.S. House and Senate and signed into law by Trump on July 4 'takes money out of working people's pockets to give handouts to the rich.' The campaign combines the impact of Trump's on-again, off-again tariff declarations with the mega-bill to derive a so-called 'Trump Tax,' generating state-by-state calculations for the data. 'The Trump Tax will explode the deficit by $3.3 trillion — leading to higher inflation, higher energy bills, and higher grocery and prescription drug costs,' the website states — pinpointing specific messages about consumer pocketbook issues that were key talking points during Trump's 2024 presidential campaign. The site lists all 50 U.S. states with a drop-down list of bullet points for each. In Wisconsin, the campaign projects 276,000 people will lose health insurance over the next decade. The number is calculated from changes to the Medicaid program that have been projected to cut some recipients off from the state-federal health insurance plan for the poor, along with the end of premium subsidies for low or moderate income households that purchase health insurance from the Affordable Care Act online marketplace. It projects 49,000 Wisconsinites could lose food assistance through SNAP, the federal nutrition program and pegs the cost to Wisconsin businesses to date of Trump administration tariff policies at more than $900 million, citing calculations published in Axios. 'The Trump Tax is the largest redistribution of wealth and the largest cut to health care in Wisconsin history,' Democratic National Committee Chair Kenneth Martin said in a statement with the unveiling of the website. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
The Irish Sun
14-07-2025
- Business
- The Irish Sun
Brothel introduces 50% ‘Trump tax' on American customers – sending price of ‘full service' sky high in tit-for-tat move
A BRAZILIAN brothel has slapped a steamy 50 per cent tax on its American customers in response to Donald Trump's sweeping tariffs. Cabare Thatys Drinks, a sex bar in the city of Fortaleza, added the so-called "Tarifa do Trump" in a tit-for-tat move, sending the cost of a night of 'full service' soaring. Advertisement 5 The receipt with from a cabaret with the 50 per cent 'Trump Tax' added as their client was American Credit: Newsflash 5 The US client was hit with an additional £14.01 on top of the standard £33.35 for a 'full service' Credit: Shutterstock 5 The move was made in response to Trump's 50 per cent tariff on all Brazilian goods Credit: AFP It came just after the US president imposed a The retaliatory charge was revealed on a handwritten bill issued to an unnamed US punter, who was hit with an additional £14.01 on top of the standard £33.35 for a 'Programa' — local slang for full service. With extras including five beers and a condom, the final bill totalled £55.36. The move has gone viral on social media, with the bill racking up nearly 150,000 retweets within hours of being posted on Friday. Advertisement Read more on Trump Mocking the policy, Brazilian political group Youth for Democracy said: 'Retaliation to the US has already begun in Fortaleza! 'A more patriotic establishment than Congress!' One user defended the brothel's bold pricing, adding: 'I will defend the establishment, it is all within the consumer law. 'And within the law of reciprocity!' Advertisement Most read in The US Sun Exclusive The cheeky tax comes amid an escalating global trade row ignited by Trump's surprise tariffs. Trump says US will send Patriot missiles to Ukraine Just days before the brothel bombshell, the president imposed 50 per cent tariffs on Brazilian copper and other exports, citing 'national security' concerns and Brazil's handling of a criminal case involving ex-president Jair Bolsonaro. Despite the US running a trade surplus with Brazil, National Economic Council Director Kevin Hassett defended the move, saying it was part of a broader plan to 'onshore production' and reduce trade dependence in case of a 'national emergency.' But Trump hasn't stopped at Brazil, which is America's second largest Latin American trading partner. Advertisement European Parliament trade chief Bernd Lange branded the move 'brazen and disrespectful,' calling it 'a slap in the face.' EU Commission President Ursula von der Leyen warned the t Italian PM Giorgia Meloni's office said in a statement: "We trust in the goodwill of all players in the field in order to reach a fair agreement that can strengthen the West as a whole, given that - particularly in the current scenario - it would make no sense to trigger a trade clash between the two sides of the Atlantic. Advertisement "It is now crucial to remain focused on the negotiations, avoiding polarisations that would make reaching an agreement more complex." Mexican President Claudia Sheinbaum, meanwhile, urged diplomacy, saying she hoped to negotiate a deal before the tariffs hit. Trump's fiery tariff strategy has become a cornerstone of his presidency redux, targeting even long-time allies like Canada, Japan, and South Korea. His administration argues the tariffs will boost U.S. manufacturing, protect supply chains, and strengthen the economy. Advertisement 5 The cheeky scheme took place at a brothel in the Brazilian town of Fortaleza Credit: Getty 5 Brazil, ruled by ex-convict president Luis Inacio Lula da Silva (pictured), is one of many countries slapped with Trump's sweeping tariffs Credit: Reuters
Scottish Sun
14-07-2025
- Business
- Scottish Sun
Brothel introduces 50% ‘Trump tax' on American customers – sending price of ‘full service' sky high in tit-for-tat move
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A BRAZILIAN brothel has slapped a steamy 50 per cent tax on its American customers in response to Donald Trump's sweeping tariffs. Cabare Thatys Drinks, a sex bar in the city of Fortaleza, added the so-called "Tarifa do Trump" in a tit-for-tat move, sending the cost of a night of 'full service' soaring. Sign up for Scottish Sun newsletter Sign up 5 The receipt with from a cabaret with the 50 per cent 'Trump Tax' added as their client was American Credit: Newsflash 5 The US client was hit with an additional £14.01 on top of the standard £33.35 for a 'full service' Credit: Shutterstock 5 The move was made in response to Trump's 50 per cent tariff on all Brazilian goods Credit: AFP It came just after the US president imposed a punishing 50 per cent import duty on all Brazilian goods last Wednesday. The retaliatory charge was revealed on a handwritten bill issued to an unnamed US punter, who was hit with an additional £14.01 on top of the standard £33.35 for a 'Programa' — local slang for full service. With extras including five beers and a condom, the final bill totalled £55.36. The move has gone viral on social media, with the bill racking up nearly 150,000 retweets within hours of being posted on Friday. Read more on Trump DON THE ATTACK 'Really p****d' Trump gives Putin 50-day deadline to make peace Mocking the policy, Brazilian political group Youth for Democracy said: 'Retaliation to the US has already begun in Fortaleza! 'A more patriotic establishment than Congress!' One user defended the brothel's bold pricing, adding: 'I will defend the establishment, it is all within the consumer law. 'And within the law of reciprocity!' The cheeky tax comes amid an escalating global trade row ignited by Trump's surprise tariffs. Trump says US will send Patriot missiles to Ukraine Just days before the brothel bombshell, the president imposed 50 per cent tariffs on Brazilian copper and other exports, citing 'national security' concerns and Brazil's handling of a criminal case involving ex-president Jair Bolsonaro. Despite the US running a trade surplus with Brazil, National Economic Council Director Kevin Hassett defended the move, saying it was part of a broader plan to 'onshore production' and reduce trade dependence in case of a 'national emergency.' But Trump hasn't stopped at Brazil, which is America's second largest Latin American trading partner. He's also slammed the EU and Mexico with fresh tariffs — 30 per cent on imports starting August — triggering outrage across Western capitals. European Parliament trade chief Bernd Lange branded the move 'brazen and disrespectful,' calling it 'a slap in the face.' EU Commission President Ursula von der Leyen warned the tariffs would 'disrupt essential transatlantic supply chains,' and said countermeasures were being prepared. Italian PM Giorgia Meloni's office said in a statement: "We trust in the goodwill of all players in the field in order to reach a fair agreement that can strengthen the West as a whole, given that - particularly in the current scenario - it would make no sense to trigger a trade clash between the two sides of the Atlantic. "It is now crucial to remain focused on the negotiations, avoiding polarisations that would make reaching an agreement more complex." Mexican President Claudia Sheinbaum, meanwhile, urged diplomacy, saying she hoped to negotiate a deal before the tariffs hit. Trump's fiery tariff strategy has become a cornerstone of his presidency redux, targeting even long-time allies like Canada, Japan, and South Korea. His administration argues the tariffs will boost U.S. manufacturing, protect supply chains, and strengthen the economy. 5 The cheeky scheme took place at a brothel in the Brazilian town of Fortaleza Credit: Getty
Telegraph
26-05-2025
- Business
- Telegraph
Trump goes to war with the wealthy to shore up Maga base
Donald Trump has never been a likely Robin Hood figure. But even a billionaire US president knows he needs to work on his image sometimes. After promising tax cuts on the campaign trail, Trump now claims he wants to raise taxes on the rich. 'People would love to do it – rich people. I would love to do it, frankly,' he told reporters in the Oval Office earlier this month. 'What you're doing is you're giving up something up top in order to make people in the middle-income and the lower-income brackets save more. So it's really a redistribution, and I'm willing to do it if they want.' Lawmakers have reportedly been discussing a range of different ways to target America's highest earners, with measures that could rake in an extra $400bn (£300bn) over a decade. In doing so, Trump is trampling on the bedrock of traditional Republican ideology and causing uproar in the Grand Old Party. But as Republicans prepare their 'big, beautiful bill' for tax and spending, which includes $880bn in cuts to public health insurance for poor households, Trump needs to find ways to take care of his low-income Maga support base. The bill was passed on Thursday by the House of Representatives and will now go to the Senate, but it is still possible that it could be subject to changes. Trump's Oval Office comments followed a Truth Social post in which he said he would 'graciously accept' a tax increase on the rich, but added: 'In any event, Republicans should probably not do it, but I'm OK if they do!!!' It was not his first hint. 'I love that, I actually love the concept,' Trump said during an interview with Time magazine at the end of April, when he was asked about raising taxes on millionaires. 'He's trying to be populist,' says William Gale, co-director of the Tax Policy Centre and a former senior economist on President George HW Bush's council of economic advisers. Adam Michel, the director of tax policy studies at the Cato Institute, says: 'I think Trump has people around him who are not Republicans and who think that the class warfare message that Democrats have run on in the past is a winning one, and some of that has bled through into his thinking.' The archetype non-typical Republican in Trump World was once Steve Bannon, Trump's former chief strategist. While he is no longer on the inside, he has been pushing the idea of taxes on the wealthy in a sign of the kind of thinking filtering through Maga land. Bannon said earlier this month: 'I believe that if we can't cut federal spending that the wealthy in this country, at least the millionaires, are [taxed at] 40pc, as a start. 'We have a capitalist system with very few capitalists. I think 75pc of people don't own any real financial assets. So we have to have fundamental change in this country and part of that has to come from the tax structure.' Reports suggest that three options could be on the table. On a call with House Speaker Mike Johnson, Trump discussed the possibility of letting his 2017 tax cuts expire for the highest earners, according to CNN. During his first term, Trump cut the top tax rate, which is currently charged on individual income exceeding $626,350 (or on income above $751,600 for married couples), from 39.6pc to 37pc. If this rate reverted to 39.6pc, it would affect 1.5m households and mean $409bn in extra tax revenues over a decade, according to the Tax Foundation. Households in America pay state taxes on top of the federal tax rates. In high tax states such as California and New York, top rate tax payers would face a marginal rate of more than 50pc. The second idea, which has been discussed by members of the Ways and Means Committee, is to create a new top tax bracket for those earning $2.5m or more, with a rate of 39.6pc. The Tax Foundation calculates that this would hit up to 200,000 households and raise nearly $70bn over 10 years. Another alternative, which Fox News reported White House aides were quietly floating among House Republicans, is to raise the income tax rate for people earning more than $1m to 40pc. The Tax Foundation calculates this would raise $275bn over a decade. 'It seems there is a contingent within the White House that just likes higher taxes, whether they be on individuals or on traded goods,' says Michel. While the numbers involved may sound appealing, in every case the Tax Foundation warned that overall income would be significantly reduced because the tax rise would hit growth. Still, Trump may well be more concerned about what he could lose if he does not at least talk about soaking the rich. Several pollsters have warned that Republicans could lose support from the Maga base as a result of the Medicaid cuts within Trump's Budget. In April, top Trump campaign pollster McLaughlin & Associates found that 78pc of Trump supporters in battleground congressional districts supported the Medicaid programme. It followed similar polling by Tony Fabrizio, another Trump polling guru, who found that the majority of Trump voters opposed Medicaid cuts and two thirds of swing voters said they disapproved of reductions in the health programme to fund tax cuts. However, the instinct to raise taxes on the wealthy to help protect the Maga base stands in stark contrast to the bedrock of Republican ideology, which is to push for lower taxes. 'Tax cuts are the one thing that unites the Republican Party,' says Gale. The vast majority of Republican lawmakers in both the Senate and the House have signed what is known as 'the Pledge' – a commitment organised by old-time Republican activist Grover Norquist to never vote for tax rises. Norquist told The Atlantic a tax rise on the rich was 'an incredibly destructive idea economically, and very foolish politically', But the old guard does not necessarily have its finger on the pulse. Many of the votes that carried the party to victory in 2024 were not for the Republicans but for Trump alone. 'We're changed the electorate in the Republican Party. We are a working-class and a middle-class party,' Bannon said this month. It was the Democrats' failure to grasp the importance of fundamental economic issues that pushed so many lower-income Americans towards Trump, Bannon argues. The president forgets this at his peril, he believes. 'They want to cut $880bn out of Medicaid, but you can't do it because Maga is on Medicaid,' Bannon said. As things stand, wealthy families will rake in cash from tax and spending changes in the pipeline while low-income families are going to lose money. There are three key parts to the 'big, beautiful bill'. The first is the extension of the sweeping tax cuts that Trump introduced in 2017, which are due to expire at the end of this year. The second element is a fleet of extra tax cuts that Trump promised on the campaign trail, such as scrapping taxes on tips and overtime. The third is a series of spending cuts to try and balance the books. Even though many lower and middle class households will technically benefit from some of the tax cuts, the loss of health insurance coverage means the poorest fifth will lose about $940 in 2026, according to the Penn Wharton Budget Model. Meanwhile, the top 10pc highest income households will get 65pc of the benefits from the legislation. As well as helping to even the scales when it comes to who benefits, taxing the rich would also help to balance the books. Although the spending cuts are dramatic, they are nowhere near large enough to cover the cost of the tax cuts. The bill currently envisions $4.5 trillion in net tax cuts over the next decade, but only $1.5 trillion in spending cuts, says James Knightley, chief international economist at ING. This matters because the public finances are already a mess. America has a debt problem. Moody's last week stripped the US of its last triple-A credit rating as it warned that Trump's plans to extend his 2017 tax cuts will add $4 trillion to the US federal deficit over the next decade. It was the last of the big three credit rating agencies to downgrade America. US federal government debt is forecast to balloon from 98pc of GDP to 134pc by 2035. As a result, investors are growing increasingly nervous about the sustainability of US borrowing. Yields on 30-year US Treasuries surpassed 5pc on Wednesday after the passage of the existing bill as investors demanded higher rates for debt that they now view as more risky. A tax raid on the rich to balance the budget might help to ease those jitters. However, for all Trump's Robin Hood talk, he may struggle to make the policy happen. Tax is an area where Trump cannot resort to executive order. The bill is now progressing to the Senate. If any changes are made they will have to be signed off by the House of Representatives again, where Republicans have only a slim majority. Strong-arming this majority into backing something that goes against a central tenent of old-school ideology may be a stretch. 'Trump has always surprised me in his ability to get Republicans to lay down and take things that they're never believed before,' says Michel. 'So I don't want to say that he wouldn't be able to do it. But I think that it would be a really big lift.'
Telegraph
09-05-2025
- Business
- Telegraph
Republicans push back on Trump's ‘plan to up tax on rich'
Donald Trump 's apparent plans to impose a wealth tax have been met with resistance from Senate Republicans. The US president on Wednesday is said to have privately urged House speaker Mike Johnson to raise the top rate of tax and close the carried interest tax loophole, Punchbowl News revealed. On Friday, Mr Trump posted on Truth Social that he would 'graciously' accept such a measure 'in order to help the lower and middle-income workers'. 'In any event, Republicans should probably not do it, but I'm OK if they do,' he added. The proposal has faced pushback from leading Republicans on the Hill, with senate majority leader John Thune saying that the party is 'all about lowering taxes'. 'I don't want to see taxes go up on anyone ... but the president, he's not a conventional president. People didn't vote for a conventional president, and I think his policies reflect that,' Mr Thune told CNBC. 'This all starts in the House of Representatives, they're going to have to figure out how to dial this.' Speculation has mounted in recent weeks that the president will levy taxes on the wealthy to help pay down the national debt while retaining the support of working class voters. Under the proposal, Mr Trump allegedly floated the idea to Mr Johnson of raising the top rate of tax for those earning $2.5 million a year or more to 39.6 per cent, up from 37 per cent. The president added fuel to the fire on Friday by writing on Truth Social that he would 'graciously accept' a ''TINY' tax increase for the RICH', while also warning of potential attacks from Democrats. He added that Republicans should 'probably not do it' but that he would be 'OK' if they did. 'It's good politics' Later on Friday, he told reporters he thought it was 'good politics' to raise taxes on the wealthy 'to benefit people who are lower income'. The proposal comes as Republicans assemble a spending package that includes massive tax and spending cuts. Budgeting for the bill faces increased scrutiny with the government facing the prospect of refinancing $7 trillion in debt later this year. Despite pushback from traditional Republicans, the proposed wealth tax has gained support among his Maga base, with JD Vance, the vice-president, and Russell Vought, the budget director, reportedly expressing openness to the idea. Grover Norquist, the president of Americans for Tax Reform, said he informed Mr Trump on Wednesday that the proposal is likely to result in discontent among Republicans. 'I gave him my sense of why I thought any discussion of increasing rates was a bad idea: because it would kill jobs, it is damaging to small businesses, nobody in the campaign ever discussed this as an option,' Mr Norquist told NBC. 'The other part is, the entire Republican Party is against it.'
