Trump is considering extending the 2017 tax cut. This is expected to expire later this year.
President Donald Trump said on April 27 that the tariffs he imposed on U.S. trading partners would lead to a significant reduction in the tax rate for people under $200,000 a year.
“The focus will be on people under $200,000 a year, and a huge number of jobs have already been created as new plants and factories are currently being built or planned.”
He called it “Bonanza for America.”
Trump is considering extending the 2017 tax cut. This is set to expire later this year, with 2024 campaign promises tax-free on tips and Social Security payments.
In an interview with Time Magazine published April 25, Trump said he “loves” the concept of raising taxes on billionaires as a way to pay for the 2017 tax cut extension.
Related Stories
“I certainly don’t care about tax increases,” Trump told time. “I would be honored to pay more, but I am generous and I don’t want to be in a position where I lost the election, but I don’t mind paying as rich, and you know, we rarely talk about it.”
He said it would involve tax increases for the wealthy people to “take care of the middle class.”
“But I don’t want to use it politically against me, especially in fake news, because I’ve seen people lose elections because of less,” he said.
Former White House strategist Steve Bannon told News Nation’s Cuomo on April 25 that he supported the idea.
“This is being fought behind closed doors now. Plus, I’m telling you with a massive tax cut. Plus, he only gets maths going well if he increases taxes to the working and middle classes, and actually wealthy people,” Bannon said.
House Speaker Mike Johnson rejected the idea in an interview with Fox News.
“I’m not in favor of raising tax rates because our party is against it,” Johnson said on April 23.
He acknowledged that the proposal was debated as one of many possible ways to implement personal income taxes permanently in the Republican final funding package.
“A lot of ideas were thrown into the table along this process last year, but I say it for everyone and just wait and see,” Johnson said.
Josephrod contributed to this report.
