President Donald Trump is once again stoking unease among Republicans by floating tax hikes on the ultrawealthy to fund tax breaks for middle- and working-class Americans — a proposal that has already stirred backlash inside his own party.
Trump is weighing tax hikes on individuals earning more than $2.5 million per year and families earning more than $5 million, according to a source familiar with the president’s thinking.
The idea has already drawn swift opposition from Republicans on Capitol Hill, echoing the backlash last month when Trump floated a similar hike on those earning over $1 million.
The debate underscores the shifting voter bases of both parties, as Trump has courted less affluent voters over the course of three presidential campaigns by moderating Republican stances on issues like Social Security reform, while promising new tax breaks for overtime hours and workers earning tips.
“From the 1950s to the 1990s, Republicans gained more and more support from the rich (and higher-educated), and Democrats won votes from lower-income (and less-educated) voters,” wrote Yale political scientist Sam Zacher in a recent study. “In today’s America,
both political parties largely split the support of higher- income voters.”
https://www.marketwatch.com/story/that-would-be-madness-why-trumps-tax-the-rich-push-could-fracture-the-gop-8b305b88?mod=bulletin_ribbon
