Republicans reject tax triumphs proposed to millionaires

Washington – The Republicans of the House of Representatives published on Monday a draft of the fiscal agenda of President Donald Trump that includes tax exemptions in advice, during overtime and car loans, but notably set aside their proposed tax increase on Millionaires.

Trump and some voices Within its movement “Make America Great Again” He flirted with the idea of ​​an increase in millionaire taxes as a way to help pay the rest of the tax cuts and also to undermine democratic conversation points about Republicans who encode the rich while reducing the benefits for the poor.

Specifically, the White House said last week that Trump was considering support for a tax rate of 39.6% on revenues above $ 2.5 million.

The highest marginal tax rate in the text presented on Monday is 37%. The bill would extend mainly and strengthen the temporary home that the cuts that Trump promulgated in his first mandate, with some of Trump’s campaign releases collapsed.

Tax cuts are the central part of what Republicans are calling their “great and beautiful bill,” massive legislation aimed at covering the president’s internal policy agenda. The bill faces an uncertain destination in the middle of strong republican internal struggles both in the Chamber and in the Senate.

After warning for years about the evil of budget deficits, Republicans have fought to find enough expenses reductions to compensate for the impact of the deficit of tax cuts, with moderate that oppose hard changes to Medicaid and the supplementary nutritional assistance program. The tax increase proposed by Trump could have brought hundreds of billions of dollars, which could give the Republicans more budget, but Capitol Hill leaders as the president of the Mike Johnson representatives (R-La.) Never expressed a lot of open to the idea.

Trump himself apparently retreated his own millionaire tax proposal after the White House transmitted it on Thursday, saying on Friday that, although “he would accept” a small tax increase on the rich to help pay the cuts of the households with less income, it would be a bad policy for him.

The White House did not respond to a request for comments on the bill.

Andrew Harnik through Getty Images

The Democrats said that Trump never took the increase in taxes anyway, criticizing their administration for looking for draconian cuts to programs such as Medicaid that support vulnerable Americans to finance almost $ 4 billion in tax cuts.

“The Chamber’s bill fits a bumper sticker: the billionaires win; families lose,” Senator Elizabeth Warren (D-Mass.) Said.

“Trump gets what he wants, so if Trump really wanted a tax increase on the rich, he would have obtained it,” said Senator Chris Murphy (D-Conn.) News themezone. “History has always been: kicking people from their health insurance to approve a tax cut that will help the very, very, very rich.”

Even so, the draft of the fiscal legislation presented Monday by the president of the Ways and Meeds Committee of the House of Representatives, Jason Smith (R-MO.), Included several high profile priorities, including his campaign promises to reduce taxes on tips, earnings of extra hours and loan interests for cars.

However, unlike the rest of the tax bill, the elements of the campaign would be temporary, the sunset at the end of Trump’s mandate.

“Like the first tax cut, it has table remains for regular people, but most of this tax reduction, especially if it costs in the long term, is a large raffle for corporations, millionaires and billionaires,” Murphy said.