Trump's Push for Tax Reform: A Shift in GOP Strategy
Former President Donald Trump has urged House Speaker Mike Johnson to raise the top tax rate and close loopholes. The discussion happened amidst efforts to extend Trump's 2017 Tax Cuts Act. The GOP faces internal pressures to reduce tax breaks for the wealthy, contradicting previous stances.
In a noteworthy development, former U.S. President Donald Trump has encouraged Speaker of the House Mike Johnson to consider raising the top tax rate and closing the carried interest loophole in future legislation, according to sources familiar with the matter.
This dialogue comes as the Republican-led House aims to further Trump's legislative goals, such as extending the 2017 Tax Cuts and Jobs Act. This act seeks to benefit both businesses and individuals, while aiming to remove taxes on tip income, overtime pay, and Social Security benefits. Traditionally, top Republicans, including Johnson, have opposed increasing taxes on wealthy Americans, a stance previously supported by Treasury Secretary Scott Bessent.
Despite former resistance, Trump's pressure aligns with the populist segment of his base, which demands limiting tax advantages for the affluent. Representative Jason Smith, head of the House Ways & Means Committee, has indicated possible actions to close tax loopholes benefiting the wealthy, marking a potential shift in GOP strategy.
(With inputs from agencies.)
Google News