U-turn at the White House: Trump to hit the wealthiest hard

He had promised the opposite: Donald Trump now plans to increase the marginal tax rate from 37% to 39.6% for high-income individuals.

According to Bloomberg, as revealed on the 9th of May, the American President is considering raising the marginal tax rate from 37% to 39.9% for the most “affluent” individuals, earning more than $2.5 million. While Donald Trump initially intended to fund the tax cuts with tariffs imposed on foreign products arriving in the United States, this announcement is likely to cause damage within the White House.

The working class in action

The U-turn that follows constant pressure from the working classes who voted for Trump on the government. They demand that the wealthiest Americans contribute more. As stated by The Independent, while a tax cut was indeed planned for the most modest individuals, it should have involved, in parallel, a reduction in some public aid programmes such as Medicaid, the health insurance for millions of low-income Americans.

(MH with Manon Pierre - Source: The Independent - Illustration: ©Unsplash)