President Trump recently backed off from his suggestion of raising the tax rate for millionaires, expressing concerns over potential political backlash akin to George H.W. Bush's 'No new taxes' pledge. Although he initially floated the idea amid discussions of a major tax cuts package, he indicated uncertainty about pursuing the tax hike. This ambivalence complicates the Republican Party's efforts to finalize a significant tax reform, as internal divisions may arise from differing opinions on taxing the wealthy.
Trump's concerns about raising taxes on the wealthy stem from fears of political backlash, echoing the Bush-era's warnings against new taxes, which previously led to electoral losses.
Despite initially supporting a tax hike for millionaires, Trump backtracked on the idea, signaling potential divisions within the Republican Party regarding tax reforms and spending cuts.
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