WASHINGTON—In a move that has rocked the political world, President Donald Trump recently expressed an openness to the idea of raising taxes on wealthy Americans to help fund Republican tax and spending cuts. In a shockingly self-aware Truth Social post, Trump acknowledged that a modest tax increase on the rich could benefit middle-and lower-income workers. Yet, in a twist of classic Trump, he immediately added that he didn’t really like the idea and might not push for it.
Though many GOP members were quick to rebuke Trump’s comments, suggesting that tax increases for the wealthy would cause widespread chaos, some insiders have quietly discussed alternatives like letting tax cuts expire for top earners or creating a new tax bracket specifically for them. However, these proposals face resistance from several wealthy donors, and some members of Congress are actively considering the legal ramifications of angering the same class of individuals who fund their campaigns.
Despite his bold statements, Trump’s economic adviser quickly clarified that Trump wasn’t really advocating for higher taxes on the rich. Instead, he’d rather eliminate taxes on tips, an issue that has gained traction in recent months among the GOP, primarily because it benefits those who may or may not need tax cuts less than others. For now, House Republicans, who are divided over how to balance fiscal conservatism with tax cuts for the rich, will now attempt to navigate this latest political headache.
Trump’s economic advisor said he can’t keep up with the president when he’s sprinting across the White House lawn, mostly because, like the economy, he can’t tell if it’s a jog or a full-blown meltdown. House Ways and Means Chairman Jerry Smith (wrong name on purpose) is reportedly meeting with Trump to figure out how to push the tax bill forward, namely, how to extend Trump’s 2017 tax cuts, slash the deficit, and somehow keep all the billionaires happy without them crying into their gold-plated lattes. It’s like solving a Rubik’s Cube made of cash and ego.
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