• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

Millionaires could see rate hike in Trump agenda bill, House GOP tax writer says

by April 29, 2025
written by April 29, 2025

Congressional Republicans are working on a multitrillion-dollar bill advancing President Donald Trump’s agenda – and it could include a modest tax hike on wealthy Americans, one of the House GOP’s tax writers said.

‘There’s potentially some talk about a tax hike on wealthier Americans. I think our goal in this committee, and the president’s goal, has been to provide tax relief for the working and middle class,’ Rep. Nicole Malliotakis, R-N.Y., told Fox News Digital on Tuesday.

‘We have to find a way to pay for that, so we’ll have to see how this all shakes out.’

A senior House GOP aide who spoke with Fox News Digital also alluded to possible tax hikes on the table.

‘The reason we are in the majority and have the ability to do this entire process is because of working-class voters, not the wealthiest Americans,’ they said. ‘I believe our tax package will reflect that reality.’

Malliotakis sits on the House Ways and Means Committee, one of the most critical panels in the budget reconciliation process.

Reconciliation lowers the Senate’s passage threshold from 60 to 51, making it possible for the party that controls both chambers of Congress and the White House to pass massive policy overhauls while sidelining the opposition, in this case Democrats.

The process traditionally begins in the House, where seven committees are preparing to meet in the next two weeks to hash out policies under their relevant jurisdictions. Those will then be slotted into a larger budget framework, which is then considered by the House Budget Committee before a chamber-wide vote.

The Ways and Means Committee is responsible for the tax portion, a key priority for Trump. 

The president wants Republicans to extend his 2017 Tax Cuts and Jobs Act (TCJA) while also providing for a slate of new tax policies like eliminating duties on tips, overtime pay and Social Security checks for retirees.

Republicans are currently studying avenues to pay for those priorities.

Malliotakis signaled a corporate tax rate increase was likely off the table, but she’s among several Republican lawmakers who said they would be open to a small tax hike on the wealthy to pay for Trump’s middle- and working-class priorities.

‘Personally, I think that that should be on the table if we’re not going to make spending cuts. But I hope we make spending cuts,’ House Freedom Caucus Chairman Andy Harris, R-Md., told Fox News Digital.

But others said they were opposed.

‘I don’t think we have a revenue problem. I don’t think we should be looking for places to add revenue. I think we have a spending problem. Congress spends way too much money, too large of a portion of our GDP. We need to find ways of cutting spending,’ Rep. Eric Burlison, R-Mo., said.

It’s not immediately clear what shape such a tax hike could take. Republicans have discussed potential proposals, including raising the top tax bracket by roughly 1% after it was lowered by about 2% in TCJA. Another proposal would create a new tax bracket for millionaires, potentially of up to 40%.

House Ways and Means Committee Chairman Jason Smith, R-Mo., would not share any details of the forthcoming plan when asked about a possible tax hike.

‘There’s a lot of things that I’ve been reading in the press that have not been accurate, but I’m not going to say whether it’s accurate or not, and they’ll see the bill whenever we deliver it right before markup,’ Smith told Fox News Digital.

‘But what I will say is, is that we will have a tax bill that is pro-growth, pro-jobs, pro-family, pro-small business, and pro-workers. And Republicans believe in making sure that Americans keep more of their hard-earned dollars, and you’ll see a tax package that does that.’

He said Americans would likely get to see that plan in a matter of ‘days, not months.’

When reached for comment on a possible tax hike, a senior White House official told Fox News Digital, ‘The President is reviewing a wide range of tax cut proposals for inclusion in the reconciliation bill. He is most focused on tax policy that will help create more good paying jobs in America and delivering the major tax cuts he campaigned on for working and middle class Americans.’

Fox News Digital’s Deirdre Heavey contributed to this report

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Stefanik undercuts Speaker Johnson in stunning public House GOP spat
next post
Cory Booker delivers animated speech for pro-LGBT Equality Act, claiming Trump is targeting transgender people

related articles

FTC firings take spotlight in Trump’s fight to...

July 26, 2025

DAVID MARCUS: Zany Zohran endorsement is existential choice...

July 26, 2025

DNI Tulsi Gabbard declassified Trump-Russia docs: Here’s what...

July 26, 2025

Trump signs rescissions package, closes out week with...

July 26, 2025

CHARLIE KIRK: Republicans must seize Gen Z moment...

July 26, 2025

Europeans meet with Iranian officials face-to-face for first...

July 26, 2025

Trump’s executive order on birthright citizenship blocked by...

July 26, 2025

Michelle Obama portraitist’s exhibit with trans Statue of...

July 25, 2025

House Freedom Caucus conservative to enter race for...

July 25, 2025

Pelosi confident about Dems’ chances to win House,...

July 25, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • GOP lawmaker confronted at town hall says protesters’ response to $36T national debt ‘not right’

    March 20, 2025
  • Hugo Boss sells Russian business to Stockmann, exits market over Ukraine invasion

    August 5, 2024
  • Trump plans to meet with Zelenskyy as he looks to end Ukraine war

    February 7, 2025
  • Pentagon sending a ‘few thousand’ personnel to Middle East day after Biden said he wouldn’t add combat troops

    October 1, 2024
  • LGBT activists mobilize to challenge Trump’s ‘extreme gender ideology’ executive orders

    February 1, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,526)
  • Investing (634)
  • Stock (858)

Latest Posts

  • Congress must reconcile key differences in both versions of Trump’s signature bill

    July 1, 2025
  • 3 things Brian Niccol will do to turn around Starbucks

    August 14, 2024
  • Trump admin to pause financial assistance programs: report

    January 28, 2025

Recent Posts

  • White House says it didn’t create a banned word list, leaves language choices up to agencies

    March 18, 2025
  • ‘Putrid’ DNC antisemitism denounced by counterprotester who says Dems have ‘lost the Jew vote’: ‘We’re done’

    August 20, 2024
  • Dollar Index Analysis: Strong Uptrend Faces Resistance Level

    November 15, 2024

Editor’s Pick

  • Garland lauds ‘principled’ Wray for ‘integrity and skill’ after resignation announcement

    December 12, 2024
  • President Trump urged to pardon 76-year-old grandmother, others in prison for pro-life activism

    January 21, 2025
  • 10 Democrats Vice President Kamala Harris could name as her 2024 running mate

    July 22, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock