I hardly even know what to think about this: Republicans in Congress are considering increasing taxes on the rich as a part of Yambo’s “big, beautiful bill” of ambitious legislative priorities, something that spits in the face of longtime Republican dogma. Via The Hill:
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 above $1 million, one House Republican confirmed to The Hill. Bloomberg News first reported that proposal.
Sen. Chuck Grassley (R-Iowa) also confirmed the idea is being discussed in a town hall 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 [percent] to 39.6 [percent] on the very group of people you talk about,” Grassley said.
What’s the catch? It would apply to households making more than $1 million a year, instead of the current top rate which applies to households earning $609,351 and above. I’ll have to wait for Paul Krugman to tell us whether it’s just about shell game.
But it probably has at least a little bit with Trump’s latest poll numbers, which continue to sink.