Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Politics

GOP talk on millionaire tax hike ‘makes no sense,’ Trump White House alum says

by admin May 9, 2025
May 9, 2025
GOP talk on millionaire tax hike ‘makes no sense,’ Trump White House alum says

A former top aide in President Donald Trump’s first administration is arguing that Republicans raising taxes on wealthy Americans ‘makes no sense.’

Marc Short, the former chief of staff to ex-Vice President Mike Pence, was an integral part of negotiations for Trump’s 2017 Tax Cuts and Jobs Act (TCJA). He also served in Trump’s first White House as director of legislative affairs from 2017 to 2018.

‘Raising taxes on America’s highest earners and biggest job creators makes no sense. I don’t understand why there are some inside the current administration who are pushing Congress to raise the top rate, because again, these are America’s job creators,’ Short said.

‘So many small businesses file taxes as individuals. And so you’re actually going to be raising taxes on many small businesses, not just individuals.’

Congressional Republicans are working on a massive piece of legislation that Trump has dubbed his ‘big, beautiful bill,’ aimed at advancing his policies on tax, border security, immigration, energy, defense and the national debt.

The tax policy portion is expected to be the costliest, and House negotiators are working on identifying a number of areas to cut a total of at least $1.5 trillion to offset the new spending.

A source familiar with Trump’s thinking told Fox News Digital he’s considering allowing the rate on individuals making $2.5 million or more to revert from 37% to the pre-2017 39.6%. 

It will help pay for massive middle- and working-class tax cuts as well as protect Medicaid, the source said.

The TCJA lowered the tax rate for the top income bracket — currently $609,350 for single filers — to 37%, a cut that’s expiring at the end of this year.

Creating a new, higher tax bracket for people earning significantly more than that would help pay for extending the 2017 tax cuts as well as implementing Trump’s new priorities: eliminating taxes on tips, overtime pay and retirees’ Social Security checks.

But Short, who helped get the 2017 package passed, dismissed those new Trump priorities as short-sighted political sweeteners.

‘I feel like some of the administration’s new requirements are somewhat gimmicky. I’m not sure many Americans who earn their income based on tips are even paying taxes on those tips right now. And I think we should begin to extend that to say no tax on overtime,’ he said.

Short said those changes would create ‘a lot of additional hurdles for businesses to comply with.’

‘I think the no tax on Social Security, it seems like what we’re trying to do is different from 2017, when we passed the Tax Cuts and Job Act,’ he said. ‘We tried to simplify the tax code, make it flatter and fair for all Americans, as opposed to creating carve-outs for certain constituencies.’

Fox News Digital reached out to the White House for a response to Short’s remarks.

Some conservative groups like the Heritage Foundation and Americans for Prosperity are also wary of a potential tax hike for the wealthy.

Richard Stern, director of the Hermann Center for the Federal Budget at the Heritage Foundation, said the group is opposed to efforts to raise tax rates to 40% or higher.

‘Congress needs to get its fiscal house in order, but it must do so by tightening its own belt, not by forcing American taxpayers to tighten theirs. A higher top tax rate would be counterproductive, discouraging hard work and entrepreneurship,’ Stern said.

Americans for Prosperity chief government affairs officer Brent Gardner said in a statement, ‘Raising taxes on any American should be completely off the table.’

This post appeared first on FOX NEWS

previous post
Department of Justice opens criminal investigation into NY AG Letitia James
next post
White House highlights over $2B in savings from DEI cuts during Trump administration’s first 100 days

You may also like

Law enforcement brace as anti-Israel groups vow to...

August 15, 2024

Informant accused of feeding FBI bogus Biden information...

December 13, 2024

Venezuelan President Nicolas Maduro wins re-election, as opposition...

July 29, 2024

Tulsi Gabbard changes tune on controversial intelligence tool...

January 11, 2025

Trump says ‘I can’t believe I said that’...

February 28, 2025

Trump China tariff truce ignites stock markets –...

May 12, 2025

Voice of America restored by judge after Trump...

April 23, 2025

‘Perfect storm brewing’ that will leave many aging...

March 12, 2025

REP. JAMES COMER: Biden family pardons a confession...

January 25, 2025

With 11 days until voting starts, ‘election season’...

August 26, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.