Trump sends mixed signals on possible tax hike



President Donald Trump allegedly urged House Speaker Mike Johnson (R-La.) during a phone call Wednesday to raise the top tax rate, albeit at a much higher income level, and close the carried interest loophole amid Republican lawmakers' efforts to finalize their Trump agenda bill.

The president indicated a change of mind Friday morning, however, suggesting on Truth Social that "Republicans should probably not do it."

Last month, Trump and Johnson shot down the idea of a tax hike on the wealthiest Americans.

The president said in his April 22 interview with Time magazine, "I certainly don't mind having a tax increase."

'Our party is the group that stands against that traditionally.'

"I actually love the concept," continued Trump, "but I don't want it to be used against me politically, because I've seen people lose elections for less, especially with the fake news."

The following day, Trump came out against the idea more forcefully, telling reporters in the Oval Office that the idea of a tax hike was "very disruptive," as it might prompt wealthy individuals to flee the country, reported Politico.

"You know, the old days, they left states. They go from one state to the other. Now with transportation so quick and so easy, they leave countries. You lose a lot of money if you do that," said Trump.

Johnson similarly came out swinging against a tax hike on April 23, telling "The Will Cain Show" last month, "We have been working against that idea. I'm not in favor of raising the tax rates because our party is the group that stands against that traditionally."

A number of provisions enacted by the Tax Cuts and Jobs Act of 2017 are set to expire in December. Unless lawmakers extend the cuts, tax brackets will revert back to pre-TCJA levels. Accordingly the top individual, estate, and income tax bracket would return to 39.6% from the current rate of 37%.

One unnamed Republican source said to be familiar with Trump's Wednesday call with Johnson told NBC News that the president was considering allowing the rate to revert to 39.6% "to protect Medicaid and help pay for middle- and working-class tax cuts."

Multiple sources suggested to The Hill that while the White House advocated for allowing the top marginal income tax rate cut to expire, the administration wanted to see the 2017 cuts extended for Americans in the lower tax brackets. While the top income bracket starts this year at $626,350 per individual, the New York Times indicated the proposed restoration of the previous top rate would apply to individuals earning over $2.5 million annually.

The Hill noted that a spokesman for the House Ways and Means Committee declined to comment on any policy specifics under consideration, and the White House did not return the outlet's request for comment.

'I'm OK if they do!'

When asked about the proposed tax income increase on the upper brackets, Sen. Mike Crapo (R-Idaho), chairman of the Senate Finance Committee, told "The Hugh Hewitt Show" Thursday that he was "not excited about the proposal but I have to say there are a number of people in both the House and the Senate who are."

Crapo added, "If the president weighs in in favor of it, then that's going to be a big factor that we have to take into consideration."

Trump noted in a social media post on Friday, "The problem with even a 'TINY' tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is that the Radical Left Democrat Lunatics would go around screaming, 'Read my lips,' the fabled Quote by George Bush the Elder that is said to have cost him the Election."

"NO, Ross Perot cost him the Election!" continued Trump. "In any event, Republicans should probably not do it, but I'm OK if they do!"

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Chicago Teachers March Students Out Of School To Vote On A Tax Hike

Michelle Clark High School senior Damarion Williams told ABC 7 Chicago he was pushed by teachers to vote 'yes' in support of the measure.
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The Biden administration resumes oil and gas leases on federal land but in a reduced capacity and with steeper fees



This past Friday, the Biden administration announced that it would resume granting lease sales for the drilling of oil and natural gas on federal lands.

However, as the Washington Examiner reported, the Biden administration intends to drastically decrease the amount of federal land available for drilling and plans to increase the royalty it charges companies to produce oil on federal lands.

In a recently released press release, the Department of the Interior said that it will make 144,000 acres of federal lands available for drilling. This is an 80% reduction in acreage that was originally designated for natural gas production. The department will also begin charging companies drilling royalties of 18.75% instead of 12.5%.

The release said, “The [Bureau of Land Management] will issue final environmental assessments and sale notices of upcoming oil and gas leases that reflect this strategic approach.”

“The lease sales will incorporate many of the recommendations in the Department’s report,” the release continued. “Including ensuring Tribal consultation and broad community input, reliance of the best available science including analysis of GHG emissions, and a first-ever increase in the royalty rate for new competitive leases to 18.75 percent, to ensure fair return for the American taxpayers and on par with rates charged by states and private landowners.”

It continued, “The BLM assessed potentially available and eligible acreage in Alabama, Colorado, Montana, Nevada, New Mexico, North Dakota, Oklahoma, Utah, and Wyoming. It began analyzing 646 parcels on roughly 733,000 acres that had been previously nominated for leasing by energy companies. As a result of robust environmental review, engagement with Tribes and communities, and prioritizing the American people’s broad interests in public lands, the final sale notices will offer approximately 173 parcels on roughly 144,000 acres, an 80 percent reduction from the acreage originally nominated.”

This move by the Department of the Interior comes as the Biden administration begins to acknowledge the importance of increasing domestic energy production amid soaring energy prices.

Secretary of the Interior, Deb Haaland, called the department’s new plan an overdue “reset’ of the leasing program.

She said, “For too long, the federal oil and gas leasing programs have prioritized the wants of extractive industries above local communities, the natural environment, the impact on our air and water, the needs of Tribal Nations, and, moreover, other uses of our shared public lands.”'

In response to the Russian invasion of Ukraine, Western nations issued thoroughgoing sanctions on the Russian economy. The U.S. was quick to stop importing Russian oil, and since the Biden administration ended American energy independence, American energy prices drastically rose as there was suddenly less oil being imported.

Biden reportedly planning largest tax hike in almost 30 years



President Joe Biden is reportedly planning the largest hike in federal taxes in almost three decades to fund a long-term economic recovery program to follow in the footsteps of the recently passed $1.9 trillion stimulus package.

Unnamed sources confirmed the plans to Bloomberg News over the weekend, reportedly indicating that the major tax hike — the first since 1993 — is expected to pay for key Biden administration initiatives such as "infrastructure, climate, and expanded help for poorer Americans."

But the sources said the planned changes are not designed to fund only the key priorities of the administration. With the tax hike, Biden's team hopes to address what Democrats argue are "inequities in the tax system itself." According to the Bloomberg report, the changes include:

  • Raising the corporate tax rate to 28% from 21%
  • Paring back tax preferences for so-called pass-through businesses, such as limited liability companies or partnerships
  • Raising the income tax rate on individuals earning more than $400,000
  • Expanding the estate tax's reach
  • A higher capital gains tax rate for individuals earning at least $1 million annually
"His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens," Sarah Bianchi, a former Biden economic aide, told Bloomberg. "That is why the focus is on addressing the unequal treatment between work and wealth."
Bloomberg cited an independent analysis of the plan conducted by the Tax Policy Center, which assessed it would raise taxes on American citizens by $2.1 trillion over 10 years. The group originally projected the plan would raise taxes by $4 trillion over a decade, but revised its forecast last November.
The plans are unsurprising coming from the Biden administration and progressive Democratic lawmakers, who have already shown a willingness to raise taxes to accomplish their policy goals. Democrats snuck $60 billion in tax hikes into the coronavirus relief bill even as the country faces continued economic difficulty as a result of the pandemic.
However, despite falling in line with Biden's campaign promises and demands from progressive lawmakers, any major tax hikes may face an uphill battle in Congress. Tax hikes, especially if they result in a repeal of former President Trump's 2017 tax cuts, are a non-starter for Republicans. Likewise, moderate Democrats have shown some reluctance to the idea.
Moderate Democratic Sen. Joe Manchin (W.Va.) previously told The Hill repealing Trump's tax cuts would be a "ridiculous" idea, though he later added, "Everything's open for discussion."
Then last month, an anonymous Democratic House member told The Hill the government should not be raising taxes.
"People would accept the corporate tax raised a few points, but beyond that you're going to have problems, especially in the middle of an economic crisis," the lawmaker reportedly said.