💨 Abstract

President Donald Trump initially supported and then hesitated on raising the top tax rate for millionaires as Republicans draft a significant tax bill. Trumpwarned that even a small tax increase could spark political backlash, similar to the "Read my lips: No new taxes" criticism faced by President George H.W. Bush. He suggested a higher rate for incomes above $2.5 million but ultimately left the decision open. This push is to counteract Democratic arguments that the tax package benefits only the wealthy.

Courtesy: wtop.com