In a notable shift from traditional Republican policy, President Donald Trump has proposed raising taxes on high-income earners to help finance broader tax cuts for middle- and working-class Americans.
The plan would increase the tax rate for individuals earning over $2.5 million annually from 37% to nearly 40%, returning it to the pre-2017 level of 39.6%.
A source familiar with Trump's thinking explained that the change is aimed at funding tax relief and safeguarding Medicaid, the public health program for low-income citizens. The move has sparked criticism from conservative groups, who argue it resembles Democratic proposals.
Trump's plan comes as lawmakers discuss extending his 2017 tax cuts, which are set to expire next year. These talks have also exposed divisions within the Republican party over how to finance the new fiscal package.
In addition to targeting wealthy individuals, Trump is open to ending the favorable tax treatment of hedge fund and private equity earnings, known as "carried interest", a change that would impact Wall Street. Lawmakers are also considering raising the cap on state and local tax (SALT) deductions from $10,000 to $30,000, offering potential relief to property owners in wealthier areas.
Despite resistance from some Republicans, House Speaker Mike Johnson expressed confidence that a compromise would be reached. Nonetheless, Trump's proposed tax hikes have stirred controversy among anti-tax conservatives, who see them as a departure from core Republican values.
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U.S. President Donald Trump announced on Thursday that the United States will impose a 35% tariff on Canadian imports starting 1 August, increasing the previous rate of 25%. He also revealed plans to introduce blanket tariffs of 15% to 20% on most other trade partners.
Nvidia CEO Jensen Huang will meet with U.S. President Donald Trump at The White House on Thursday, just before a planned trip to China, according to a source familiar with the matter.
The U.S. State Department will swiftly begin a major reorganization following a Supreme Court decision that cleared the way for widespread federal agency downsizing.
U.S. Secretary of State Marco Rubio will meet Southeast Asian foreign ministers on Thursday during his first trip to Asia since taking office, aiming to reassure the region of Washington’s commitment despite President Donald Trump's sweeping new tariffs targeting many of its economies.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
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The 17th Summit of the Economic Cooperation Organization (ECO) was successfully held in Khankendi, Azerbaijan, highlighting the region’s revival and the deepening economic cooperation among member states.
European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
Turkmenistan has gathered 1.407 million tonnes of wheat, matching its 2025 goal after a round-the-clock harvest on 690,000 hectares that officials say was bolstered by new combines and higher state purchase prices.
Azerbaijan Railways CJSC signed a Memorandum of Understanding with the Chinese company 'Xi'an Free Trade Port Construction and Operation' and has opened its representative office and container terminal in the Xi'an International Port.
The UK and Japan have signed a Memorandum of Cooperation (MoC) aimed at enabling increased UK investment into Japan, further strengthening the economic ties between the two nations.
German inflation eased to 2.0% in June, the federal statistics office said on Thursday, confirming preliminary data.
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