Back to today’s briefing

Story perspectives

Trump Urges Tax Hike on Millionaires, Shakes GOP Plans

5/9/2025

38 6

Summary

Story summary

President Trump is shaking up Republican tax plans by pushing House Speaker Mike Johnson to impose higher taxes on individuals making over $2.5 million. This bold move, which aims to eliminate the carried interest loophole, is prompting some Republicans to rethink their long-held resistance to tax hikes as they search for ways to fund the tax bill.

History

Historical Context

Trump's proposal for a new 39.6% tax bracket for high earners echoes past tax reforms, notably the Tax Reform Act of 1986, which aimed to simplify the tax code and reduce rates. Similar to that era, current GOP divisions highlight resistance to tax increases, reflecting ongoing debates about wealth distribution and fiscal responsibility that have shaped U.S. tax policy for decades.

1 of 2

Story summary

President Trump is shaking up Republican tax plans by pushing House Speaker Mike Johnson to impose higher taxes on individuals making over $2.5 million. This bold move, which aims to eliminate the carried interest loophole, is prompting some Republicans to rethink their long-held resistance to tax hikes as they search for ways to fund the tax bill.

1 / 2