Republicans consider increasing taxes on the rich in break from party orthodoxy
by Emily Brooks - 04/17/25 6:00 AM ET
Republicans in Congress are considering increasing taxes on the rich as a part of President Trump’s “big beautiful bill” of ambitious legislative priorities, a striking development that breaks with decades of party orthodoxy and is spurring alarm bells from traditional conservatives.
The discussions are in the early stages, and lawmakers say it is possible that no tax hike makes it in the final legislation. But the once-inconceivable consideration of tax increases underscores the tricky task that Republicans have in meeting competing demands from fiscal hawks, moderates, and tax slashers for the ambitious party-line bill — as well as the rise of populist instincts in the party.
One idea being discussed is a roughly 40 percent top tax bracket on income over $1 million, one House Republican confirmed to The Hill. Bloomberg News first reported that proposal.
Sen. Chuck Grassley (R-Iowa) also confirmed that the idea is being discussed in a town hall on Tuesday when asked about increasing taxes on billionaires.
“It might surprise you that the list of possibilities we have on our working sheet that the members of the Finance Committee — and I’m a member of that committee — are going to discuss is raising from 37 to 39.6 on the very group of people you talk about,” Grassley said.
“Now, that doesn’t mean it’s going to happen,” Grassley added. “And the rationale for it is we can take that money and use it for increasing child tax credit.”
more
https://thehill.com/homenews/house/5252583-republicans-tax-hike-rich/
