‘If they have to go higher, they’ll go higher’: Trump floats a tax increase on wealthy in bipartisan meeting

13 Sep , 2017 Business

donald and melania trump

President Donald Trump on Wednesday floated the idea of increasing taxes on the wealthiest Americans as part of a push for tax reform.

“I think the wealthy will be pretty much where they are, pretty much where they are,” Trump said at a bipartisan meeting of lawmakers when asked by a reporter about tax rates for the rich.

“If they have to go higher, they’ll go higher,” he added.

In the past, Trump administration officials said the tax rate for higher-income people would decrease, but that it would be offset by eliminating deductions. Treasury Secretary Steven Mnuchin said during his confirmation hearing that the tax burden for wealthy Americans would not decrease under Trump’s tax plan, something that was coined as the “Mnuchin rule.”

But the idea of increasing taxes on the wealthy, floated by former White House chief strategist Steve Bannon, has so far been a nonstarter for Trump officials.

Trump has mounted a push in recent days to try and get Democrats on board with his plan, gearing rhetoric around the tax plan as “unrigging the economy.” Such a move could also make the budgetary math line up better to secure lower rates for corporations …read more

Source:: Businessinsider – Finance

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