Trump Floats Wealth Tax Hike, Warns GOP of Fallout
Trump Floats Wealth Tax Hike, Warns GOP of Fallout

Trump Floats Wealth Tax Hike, Warns GOP of Fallout

News summary

President Donald Trump has proposed raising the top income tax rate from 37% to 39.6% for individuals earning over $2.5 million and couples over $5 million, partially reversing his 2017 tax cuts for the wealthy. While Trump publicly stated he is 'OK' with the increase, he warned Republicans about possible political fallout, recalling George H.W. Bush's broken 'no new taxes' pledge. The proposal aims to fund middle- and working-class tax cuts and protect Medicaid, but faces internal GOP debate and opposition from some conservatives and business leaders. The suggested hike could generate an estimated $67.3 billion in revenue over the next decade. News of the proposal unsettled financial markets, with the S&P 500 falling and cryptocurrencies like Bitcoin and Ethereum rising. The House Ways and Means Committee is set to finalize the tax bill, but its passage remains uncertain.

Story Coverage
Bias Distribution
56% Left
Information Sources
bfb2a97b-336e-48d9-b69a-147df7862dc2bd7f581c-6294-4fb3-adfe-81db52a08452d387b58c-602b-49e7-8f0e-990aad2baa4709bc43f5-e425-4ffd-980d-14d8f4a28792
+21
Left 56%
Center 20%
Right 24%
Coverage Details
Total News Sources
34
Left
14
Center
5
Right
6
Unrated
9
Last Updated
6 days ago
Bias Distribution
56% Left
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