New York Republican floats higher tax rate to pay for SALT

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"The One Big Beautiful Bill has stalled — and it needs wind in its sails,” New York Representative Nick LaLota posted Saturday on X.

The top rate was set at 39.6% under Democratic presidents Bill Clinton and Barack Obama, but Trump’s 2017 law cut it to 37%.

Some conservatives have also said they are open to a millionaires tax to reduce the deficit.

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Article Details

Author / Journalist: Steven T. Dennis, Bloomberg

Category: EconomyBusiness

Markets: United States

Topics: Taxes Congress Donald Trump

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-17 @ 23:23:57 (19 hours ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 358 words

Reading Time: 2 minutes read

Sentences: 4 lines

Sentence Length: 90 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 28769720

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About Fortune

Main Topics: EconomyBusiness

Official Website: fortune.com

Update Frequency: 7 posts per day

Year Established: 1929

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

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