{"id":29591,"date":"2025-04-23T00:03:57","date_gmt":"2025-04-23T00:03:57","guid":{"rendered":"https:\/\/investmentbankingrules.com\/?p=29591"},"modified":"2025-04-23T00:03:57","modified_gmt":"2025-04-23T00:03:57","slug":"trump-house-gop-ally-on-board-with-tax-hike-for-ultrawealthy-to-fund-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/investmentbankingrules.com\/?p=29591","title":{"rendered":"Trump House GOP ally on board with tax hike for ultrawealthy to fund \u2018big, beautiful bill\u2019"},"content":{"rendered":"

Rep. Dan Meuser, a Pennsylvania Republican, is supporting the White House\u2019s proposed tax hike for people making more than $1 million.\u00a0
\n\u2018I 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 \u2013 while creating savings and promoting fiscal responsibility. Any adjustments in taxes to accomplish these goals should be considered,\u2019 Meuser told Fox News Digital in a statement on Tuesday.\u00a0
\nLast 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\u2019s ambitious campaign promises to eliminate taxes on overtime, tips and Social Security.
\nOn Thursday, Meuser said on \u2018Mornings with Maria\u2019 that he suggested a less than 2% tax hike for the \u2018wealthy, high-end income\u2019 tax bracket months ago. He noted that Trump\u2019s 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.<\/p>\n

\u2018We\u2019re fighting for small business. We\u2019re 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\u2019s almost $25 billion,\u2019 Meuser said, touting the billions in revenue that a small tax hike could reap for the economy.\u00a0<\/p>\n

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\u2019s all-of-the-above tax approach.
\n\u2018The president is determined not to have a standard \u2013 and this is my view, from what I\u2019ve based upon him, I\u2019m not putting in words in his mouth \u2013 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,\u2019 Meuser said.\u00a0
\nWhile 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.\u00a0
\nSen. Josh Hawley, R-Mo., told Fox News Digital last week that tax cuts are \u2018what Republicans are good at\u2019 as he urged his fellow Republicans to protect tax cuts for working-class Americans who fuel Trump\u2019s base. More Republicans, including Sen. Mike Rounds of South Dakota and Rep. Tom Tiffany of Wisconsin are pushing to make Trump\u2019s 2017 tax cuts permanent, which is considered a Republican priority during budget negotiations.\u00a0<\/p>\n

Former Vice President Mike Pence, who refers to the 2017 tax cuts as the \u2018Trump-Pence tax cuts,\u2019 last week urged House Republicans to stand firm against raising taxes on the country\u2019s top earners and make the 2017 tax cuts permanent.\u00a0
\nAdvancing American Freedom, Pence\u2019s 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 \u2018stand firm against tax hikes.\u2019
\nFox News Digital\u2019s Elizabeth Elkind contributed to this report.<\/p>\n

This post appeared first on FOX NEWS<\/p>\n","protected":false},"excerpt":{"rendered":"

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