House Republicans’ grand plan to slash their own taxes has hit a significant road bump: President Donald Trump has changed his tax-cutting tune. Ways and Means Committee Chair Jason Smith met with the president late last week to salvage the GOP’s tax plan after Trump threw a massive wrench into their strategy by demanding lawmakers raise taxes for the wealthiest households in the country.
Tomorrow, Smith and other committee members will vote on whether these hikes make it into Republicans’ final budget.
During a phone call first reported by Punchbowl News last week, Trump privately pressed House Speaker Mike Johnson to create a new tax bracket for individuals making more than $2.5 million a year, raising their income tax rate from 37 percent to 39.6 percent.
Then on his social media platform Truth Social, Trump said he would “graciously accept” a “tiny” hike for the rich to pay for the rest of the bill’s tax cuts but stopped short of endorsing the move.
