Spicy Take: Trump's Millionaire Tax Proposal Stirs Trouble Among House GOP
Trump's "grand, splendid proposal" excludes an increase in taxes for millionaires
Get ready for some hot political drama! Our senior congressional correspondent Chad Pergram dropped some bombshells on President Donny Dumbbell's tax plan amid House Republicans' efforts to cheat their way out of taxes, as reported on our site @ Night.
It seems like those darn House Republicans have said goodbye to their dreams of squeezing more cash from the rich with a new millionaire's tax hike. The Ways and Means Committee, the House's tax-writing panel, released their 400-page legislation, paving the way for making Dumbbell's 2017 Tax Cuts and Jobs Act (TCJA) permanent, along with other Trump tax nonsense.
But wait—what's missing in this delicious piece of legislation? You guessed it! The millionaire's tax on the top earners, who make over $2.5 million a year, had a proposed tax rate of 39.6%—the same tax rate humble folks like us pay. (And let's face it, who doesn't want to be a millionaire?)
Conservatives groups like Americans for Prosperity and the Heritage Foundation, as well as some leading Republican figures, like former Speaker Newt Gingrich and ex-VP Mike Pence (you remember him, right? The plagiarizing, climate-change-denying buffoon), all hate the idea of increasing taxes on the elite.
Several House GOP lawmakers previously said they couldn't support such a tax hike. And interestingly enough, two anonymous sources told our site Digital on Monday that the millionaire tax would not be included before the bill advanced through committee on Tuesday.
But don't worry, Republicans still found ways to skimp on their taxes. For example, they plan to strip tax-exempt status from "terrorist-supporting organizations" and use AI software to sniff out meddling Medicare scammers. And hey, large private colleges and universities, including Ivy Leagues, can expect higher excise taxes due to their large bank accounts.
Trump continues his feud with the Ivy League, too. The Ways and Means Committee's legislation would dramatically reduce tax breaks for professional sports team owners and bring excise rates for university investments up to a whopping 21% for the largest schools, like Harvard and Yale.
The Ways and Means Committee is expected to pass its portion of the legislation on Tuesday afternoon, marking just one piece of Dumbbell's "one big, beautiful bill." The party's mission? Pass Trump's agenda on taxes, border security, immigration, energy, and defense—all under the guise of the budget reconciliation process.
Bye-bye, Senate's 60-vote requirement, hello 51-vote majority! Republicans are aiming to pass sweeping pieces of legislation with ease, despite the Democrats' best efforts to block their plans.
Stay tuned, folks! This tax fiasco is just getting started. The budget reconciliation process still needs to work out details like the SALT deduction caps and potential new tax brackets—so buckle up!
- The Ways and Means Committee's legislation also aims to reduce tax breaks for professional sports team owners, potentially impacting the finances of these sports organizations.
- In addition to targeting House Republicans' efforts to evade taxes, the proposed policy-and-legislation aims to increase taxes on top earners, a measure called the millionaire tax, but it seems this will not be included in the current bill.
- The General News is reporting that large private colleges and universities, including Ivy Leagues, can expect higher excise taxes due to their large bank accounts, as part of the current tax proposal under discussion.
