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TRUMP ADMIN. Considers Allowing Higher Taxes On The Rich: AXIOS
Posted on 3/28/25 at 1:37 pm
Posted on 3/28/25 at 1:37 pm
This would be a very smart political move.
"Zoom out: It would aim to flip the script on Democrats, whose messaging focuses on Republicans potentially slashing Medicaid and enlarging the deficit in order to fund tax cuts for the super-rich.
"If we renew tax cuts for the rich paid for by throwing people off Medicaid, we're gonna get f--king slaughtered," the White House official said.
As the GOP under Trump becomes more of the party of working-class voters, the political risks of raising rich people's taxes are relatively small, compared to the payoff of cutting taxes on tips in the growing service-sector economy.
A majority of Americans, including a plurality of Republicans, support raising taxes on wealthier individuals, polls have shown."
"Zoom out: It would aim to flip the script on Democrats, whose messaging focuses on Republicans potentially slashing Medicaid and enlarging the deficit in order to fund tax cuts for the super-rich.
"If we renew tax cuts for the rich paid for by throwing people off Medicaid, we're gonna get f--king slaughtered," the White House official said.
As the GOP under Trump becomes more of the party of working-class voters, the political risks of raising rich people's taxes are relatively small, compared to the payoff of cutting taxes on tips in the growing service-sector economy.
A majority of Americans, including a plurality of Republicans, support raising taxes on wealthier individuals, polls have shown."
Loading Twitter/X Embed...
If tweet fails to load, click here. This post was edited on 3/28/25 at 1:38 pm
20
Posted on 3/28/25 at 1:38 pm to John Barron
No need to yell.
What defines rich here?
Edit: I’m good
Currently the top income tax rate is 37%, charged on income above $609,351 for an individual or $731,201 for a married couple.
What defines rich here?
Edit: I’m good
Currently the top income tax rate is 37%, charged on income above $609,351 for an individual or $731,201 for a married couple.
This post was edited on 3/28/25 at 1:41 pm
Posted on 3/28/25 at 1:39 pm to John Barron
Income tax should be the first thing targeted to go away when DOGE does their thing, anyway.
Posted on 3/28/25 at 1:41 pm to Aguga
quote:
What defines rich here?
Should be at least 10 mill a year if they are gonna “tax the rich”
Posted on 3/28/25 at 1:42 pm to Aguga
quote:
What defines rich here?
By the numbers: Currently the top income tax rate is 37%, charged on income above $609,351 for an individual or $731,201 for a married couple.
If the 2017 law were allowed to expire, that would jump to the pre-2018 rate of 39.6%, and lower the threshold above which the top rate applies.
Around 1% of taxpayers are in that top bracket, though they pay a disproportionate share of income taxes.
Posted on 3/28/25 at 1:47 pm to Aguga
quote:
Currently the top income tax rate is 37%, charged on income above $609,351 for an individual or $731,201 for a married couple
It will never stop being funny to me that Americans unflinchingly use the same word to describe somebody making $610,000 a year that they also use for Bill Gates. Or heck that they also use for Peyton Manning.
Posted on 3/28/25 at 1:47 pm to John Barron
Let's heckin go!
Rational populism is the way
Rational populism is the way
This post was edited on 3/28/25 at 1:48 pm
Posted on 3/28/25 at 1:48 pm to John Barron
When originally started the income tax hit less than 1% of earners.
For 99% there was no income tax.
Let's put it back the way it was.
For 99% there was no income tax.
Let's put it back the way it was.
Posted on 3/28/25 at 1:51 pm to Grumpy Nemesis
quote:
It will never stop being funny to me that Americans unflinchingly use the same word to describe somebody making $610,000 a year that they also use for Bill Gates. Or heck that they also use for Peyton Manning.
They yell tax the billionaires! There are only 1000 of them in the US.
Posted on 3/28/25 at 1:51 pm to John Barron
Yea but does this translate into tax cuts for philosophical bus drivers or nah?
Posted on 3/28/25 at 1:53 pm to John Barron
Muh conservative! So no debt limits, CRs business as usual and tax the rich. Best friend democrats ever had.
Posted on 3/28/25 at 1:53 pm to Aguga
quote:taking all their income wouldn’t even come close to balancing the budget. And you’d only be able to do it once.
They yell tax the billionaires! There are only 1000 of them in the US.
We have spent problem not. a revenue problem.
This post was edited on 3/28/25 at 1:54 pm
Posted on 3/28/25 at 1:55 pm to John Barron
If only we could see this coming.
Posted on 3/28/25 at 1:56 pm to John Barron
If I remember correctly, in 2017 Trump did not want to cut the two highest tax brackets, just the lower brackets. The Senate demanded the cuts on the higher tax brackets to get the bill passed.
I think the same thing would happen again.
I think the same thing would happen again.
Posted on 3/28/25 at 1:57 pm to Taxing Authority
quote:
by Taxing Authority
I believe you
Posted on 3/28/25 at 1:58 pm to Aguga
quote:
They yell tax the billionaires! There are only 1000 of them in the US.
Or even the multimillionaires.
My point is why on Earth does the top tax brackets stop at $610,000? Seems to me that bracket is actually too high in terms of percentage. And it seems to me that there should be at least two or three more brackets above it. How on Earth can a guy make a 610,000 a year be considered to be in the same category even as somebody making 5 million a year? That's fricking retarded
Posted on 3/28/25 at 1:59 pm to John Barron
frick that. I thought we were getting rid of income taxes?
Posted on 3/28/25 at 2:00 pm to John Barron
frick that. Decrease spending like you promised to get elected
Posted on 3/28/25 at 2:03 pm to Taxing Authority
quote:
We have spent problem not. a revenue problem
Absolutely true. And when I talk about adjusting the brackets I'm not looking for more Revenue although I suppose that might happen. I just can't believe we don't recognize that there's a much bigger spread than the brackets would indicate.
The other fundamental thing I've always hated about taxing income as a primary form of Taxation is this. It treats all people who make a certain amount the same.
By that I mean this. Let's say I'm a relatively accomplished dentist making say $400,000 a year. And let's say I've been pretty consistent for the last several years at that number plus whatever inflationary raises happen. Let's say down the street is a small businessman who has been struggling for the last 6 or 7 years. He's been in the green and making a profit but barely into the six figures. But this year he made some small change that caused his business to Boom and for the first time he makes $400,000. We act like he's just as rich as the guy who's been making $400,000 for the last decade.
Posted on 3/28/25 at 2:03 pm to John Barron
quote:
"If we renew tax cuts for the rich paid for by throwing people off Medicaid, we're gonna get f--king slaughtered,"
There is zero chance someone in Trump's White House said this, unless they are a holdover from Biden.
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