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Republicans in Congress are considering increasing taxes on the rich as a part of President Trump’s “big beautiful bill” of ambitious legislative priorities, a striking development that breaks with decades of party orthodoxy and is spurring alarm bells from traditional conservatives.
The discussions are in the early stages, and lawmakers say it is possible that no tax hike makes it in the final legislation. But the once-inconceivable consideration of tax increases underscores the tricky task that Republicans have in meeting competing demands from fiscal hawks, moderates, and tax slashers for the ambitious party-line bill — as well as the rise of populist instincts in the party.
One idea being discussed is a roughly 40 percent top tax bracket on income over $1 million, one House Republican confirmed to The Hill. Bloomberg News first reported that proposal.