President Trump privately urged GOP leaders to raise taxes on the wealthy, including increasing the top rate from 37% to 39.6% for those earning over $2.5M, and closing the carried interest loophole. This shift could reshape the upcoming tax debate.
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Overview:
• President Donald Trump privately urged Speaker Mike Johnson to include proposals to raise taxes on the highest earners and close the carried interest loophole, adding a new dimension to the GOP bill.
• Trump suggested reverting the top individual tax rate from 37% to 39.6% for those earning $2.5 million or more annually to help fund middle-class tax cuts and Medicaid protections.
• The idea of increasing taxes on wealthy Americans has been previously considered but faced resistance within the Republican Party, with Trump himself previously opposing such hikes.
• The push from Trump has prompted House GOP leaders to reconsider their stance, with revived discussions about raising the top tax rate and closing the carried interest loophole as they seek budget savings.
• House Ways and Means Committee plans to markup the bill next week, with a goal to pass the final package before Memorial Day, amid ongoing debates over tax provisions such as SALT.

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