On Thursday’s broadcast of the Fox Business Network’s “Mornings with Maria,” Rep. Dan Meuser (R-PA) said that he suggested raising taxes on the high-end income bracket to less than it was before the Tax Cuts and Jobs Act, but still higher than it currently is.
Host Cheryl Casone said, “President Trump is now considering raising the corporate tax rate and creating a 40% tax bracket for millionaires in order to pay for all the desired tax cuts. This includes taxes on tips, overtime, Social Security. Congressman, where are we right now? Because when you start to talk about raising the corporate tax rate — I’m not saying you — but those that are maybe suggesting it, your colleagues — or maybe it is you, I don’t know, let’s find out — or you start to talk about raising taxes on millionaires, those sound like Democratic talking points.”
Meuser responded, “Well, it sounds like all of America talking points, and I don’t mean to play word games here, and I actually did suggest it a number of months back. … The wealthy, the high-end income rate. Of course, it was at 39.6. The Tax Cut[s] and Jobs Act under President Trump brought it to 37 just on income levels over $750,000, I think it is. So, by bringing it from the 37, as we’re redoing the tax plan, to perhaps 38.6, right? It would still be 1% less than it was before, right? And by the way, if the Democrats are voting against this, the Democrats are all for tax rate increases for low-income, middle-income, high-income, corporate, businesses, you name it, getting rid of the bonus depreciation, everything else. So, we’re fighting for small business, we’re fighting for all of America, and for the job creators that might be in those categories. So, if you were to bring it up by 1 point, it brings $15 billion in revenues, right? Without any elasticity which could take place. So, if it did come up to 39, it’s almost $25 billion. The president is determined not to have a standard, if you will, Republican — and this is my view, from what I’ve based upon him, I’m not putting in words in his mouth, a standard Republican-style budget. What he wants to see is something that is in the interest of all America, middle-income America, small business, and by the way, we would be talking about an exemption for pass-through small businesses so they would not be paying at the higher rate, as they do now, at their income level rate.”
He added that revenues went up after the passage of the tax cuts.
Follow Ian Hanchett on Twitter @IanHanchett
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