Republicans Reject Trump Millionaire Tax Proposal Amid GOP Infighting

Former President Donald Trump proposed a tax increase on millionaires as part of his ambitious 'big, beautiful bill,' aiming to raise the top individual tax rate from 37% to 39.6% for those earning over $2.5 million. This proposal marked a notable departure from traditional Republican tax policies and was intended to help finance middle- and lower-income tax cuts while protecting programs like Medicaid. However, the final GOP-led House Ways and Means Committee's tax legislation did not include this millionaire tax hike or a tax increase on carried interest, despite Trump's earlier advocacy. Trump later expressed ambivalence, suggesting that while he would accept a small tax increase on the rich, it might be politically harmful due to Democratic criticism. Republican opposition, including from influential groups and lawmakers like Grover Norquist, played a significant role in excluding these tax hikes from the bill. The legislation, nearly 400 pages long, primarily extends the 2017 Tax Cuts and Jobs Act provisions and raises the debt limit by $4 trillion, eliciting concern among some fiscal conservatives.