Economic Rules Hub
  • World
  • Politics
  • Business
  • Investing
Home Politics Trump House GOP ally on board with tax hike for ultrawealthy to fund ‘big, beautiful bill’
Politics

Trump House GOP ally on board with tax hike for ultrawealthy to fund ‘big, beautiful bill’

by admin April 23, 2025
April 23, 2025

Rep. Dan Meuser, a Pennsylvania Republican, is supporting the White House’s proposed tax hike for people making more than $1 million. 

‘I believe we must help the President deliver on his promise of a tax and regulatory plan that supports pro-American economic and manufacturing growth, and delivers for the vast majority of Americans – while creating savings and promoting fiscal responsibility. Any adjustments in taxes to accomplish these goals should be considered,’ Meuser told Fox News Digital in a statement on Tuesday. 

Last week, White House aides began quietly floating a proposal to House Republicans that would raise the tax rate to 40% for Americans making more than $1 million, sources told Fox News Digital about the preliminary discussions. The plan would shore up income to fund President Donald Trump’s ambitious campaign promises to eliminate taxes on overtime, tips and Social Security.

On Thursday, Meuser said on ‘Mornings with Maria’ that he suggested a less than 2% tax hike for the ‘wealthy, high-end income’ tax bracket months ago. He noted that Trump’s 2017 Tax Cuts and Jobs Act lowered the top tax rate from 39.6% to 37%, so raising it to 38.6% would still keep it below the pre-TCJA level by nearly one percentage point.

‘We’re fighting for small business. We’re fighting for all of America and for the job creators that might be in those categories. So, if you were to bring it up by 1 point, it brings $15 billion in revenues, right? Without any elasticity, which could take place. So, if it did come up to 39[%], it’s almost $25 billion,’ Meuser said, touting the billions in revenue that a small tax hike could reap for the economy. 

The Pennsylvania Republican, who joined Trump on the 2024 campaign trail and is considered a potential candidate to challenge Gov. Josh Shapiro in 2026, stressed Trump’s all-of-the-above tax approach.

‘The president is determined not to have a standard – and this is my view, from what I’ve based upon him, I’m not putting in words in his mouth – a standard Republican-style budget. What he wants to see is something that is in the interest of all America, middle-income America, small businesses, and by the way, we would be talking about an exemption for pass-through small businesses so they would not be paying at the higher rate, as they do now, at their income level rate,’ Meuser said. 

While Meuser has indicated his warmth to the idea of tax hikes for the ultra-wealthy, other conservatives have remained steadfast in their rejection of any tax increases. 

Sen. Josh Hawley, R-Mo., told Fox News Digital last week that tax cuts are ‘what Republicans are good at’ as he urged his fellow Republicans to protect tax cuts for working-class Americans who fuel Trump’s base. More Republicans, including Sen. Mike Rounds of South Dakota and Rep. Tom Tiffany of Wisconsin are pushing to make Trump’s 2017 tax cuts permanent, which is considered a Republican priority during budget negotiations. 

Former Vice President Mike Pence, who refers to the 2017 tax cuts as the ‘Trump-Pence tax cuts,’ last week urged House Republicans to stand firm against raising taxes on the country’s top earners and make the 2017 tax cuts permanent. 

Advancing American Freedom, Pence’s conservative policy advocacy group, sent a letter to congressional Republicans, including House Ways and Means Committee Chair Rep. Jason Smith, R-Mo., and Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, last week, urging Congress to ‘stand firm against tax hikes.’

Fox News Digital’s Elizabeth Elkind contributed to this report.

This post appeared first on FOX NEWS

0
FacebookTwitterPinterestEmail
previous post
Voice of America restored by judge after Trump dismantled taxpayer-funded outlet in March
next post
Bondi, Trump Cabinet convenes task force to root out ‘anti-Christian bias’ in federal agencies

Related Posts

Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful...

June 7, 2025

Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes:...

June 7, 2025

US sanctions money laundering network aiding Iran as regime faces...

June 7, 2025

Supreme Court rules DOGE can access Social Security information

June 7, 2025

FLASHBACK: Musk accused Trump, GOP leaders of not wanting to...

June 7, 2025

Trump announces China will restart rare earth mineral shipments to...

June 7, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 7, 2025
    • How the US could be vulnerable to the same kind of drone swarm attack Ukraine unleashed on Russia’s bomber fleet

      June 7, 2025
    • Video of man carrying suspicious bundle after his employee’s death fuels femicide outrage in Mexico

      June 7, 2025
    • Carney invites Modi to G7 summit despite strained ties between Canada and India

      June 7, 2025
    • Kharkiv hit by ‘most powerful attack’ of entire war, mayor says, as Russia pounds Ukraine again

      June 7, 2025

    Categories

    • Business (1,394)
    • Investing (3,407)
    • Politics (4,556)
    • World (4,465)
    • Email Whitelisting
    • Terms and Conditions
    • Privacy Policy
    • Contacts
    • About us

    Disclaimer: EconomicRulesHub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 EconomicRulesHub.com | All Rights Reserved

    Economic Rules Hub
    • World
    • Politics
    • Business
    • Investing