Trump's first vice president urges his old boss against raising taxes on wealthy Americans
Context:
Former Vice President Mike Pence has urged President Donald Trump and congressional Republicans to avoid raising taxes on wealthy Americans, as it would significantly impact small businesses that file taxes as individuals. Trump has been considering a tax increase on the wealthiest as part of a broader budget reconciliation package, including closing the carried interest loophole. The 2017 Tax Cuts and Jobs Act, a hallmark of Trump's first term, is set to expire, and there is debate over whether to allow the tax cuts for the wealthy to sunset. Pence, a fiscal conservative, argues that making the Trump-Pence tax cuts permanent is essential for economic growth. He emphasizes the need to adhere to conservative principles, which include less government and lower taxes, to ensure prosperity and success for the country.
Dive Deeper:
Mike Pence has advised against raising taxes on wealthy individuals, warning it would lead to significant tax burdens for small business owners who often file individual taxes.
President Trump is contemplating a tax rate increase for those earning $2.5 million or more and closing the carried interest loophole as part of a larger budget reconciliation plan.
The 2017 Tax Cuts and Jobs Act, a key achievement of Trump's first term, is approaching expiration, leading to discussions about whether to let tax cuts for high earners expire.
Pence argues for making the Trump-Pence tax cuts permanent, stating that it would lay a foundation for economic growth and stability in the future.
He highlights the importance of sticking to conservative values, such as strong defense, American leadership, limited government, and lower taxes, to ensure national prosperity.
Pence was speaking after receiving the John F. Kennedy Profiles in Courage Award, where he acknowledged Trump’s achievements, including securing the border and boosting military morale.
Despite praising Trump’s accomplishments, Pence cautions against deviating from the conservative agenda, which he believes could harm Trump's legacy and the party's success.