The Damage Report
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Republican Tax Plot UNVEILED As Trump's Massive Financial Scheme Unravels
Posted
May 13, 2025
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4:49Now PlayingHouse Republicans, led by Speaker Johnson, finally unveil their tax package bill, which includes trillions in tax cuts but also massive tax hikes and a revealing move to not raise the tax rate on the highest earners despite Donald Trump's attempt to generate positive headlines over claims he would increase taxes on the rich. John Iadarola and Jordan Uhl break it down on The Damage Report. Leave a comment with your thoughts below!
Read more here:
House GOP unleashes sweeping tax legislation
"House Republicans on Monday unveiled their long-awaited tax package, a 389-page bill that includes trillions in tax cuts — but also targeted tax hikes to offset some of the cost.
Colleges would see a special tax on their endowment-investment earnings rise, corporations would find it harder to deduct the pay of highly compensated executives and green-energy subsidies championed by Democrats would be pared, under the plan. After weeks of debate, Republicans opted against raising the top rate on the highest earners, but they are proposing to limit the value of their itemized deductions.
Undocumented immigrants would have a harder time claiming tax breaks, private foundations and other nonprofits would face higher levies and professional sports franchises would see an important deduction crimped. Remittances by individuals to relatives and others in foreign countries would be subject to a new 5 percent tax, and there would be additional rules for people claiming the Earned Income Tax Credit, a wage subsidy for low-income workers."
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250513__DR05ResetGOPTaxPlan
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