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Pennsylvania Senator McCormick Says GOP Congress Unlikely to Support 40% Tax on Millionaires to Offset Trump Tax Package

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Published Apr 16, 2025, 06:19 PM

Pennsylvania Republican Senator Dave McCormick has expressed skepticism about the likelihood of a proposed 40% tax rate on millionaires gaining support in the GOP-controlled Congress. The proposal, which has garnered backing within the White House and among some lawmakers, aims to offset revenue losses from President Donald Trump's tax package. However, McCormick, a former Bridgewater executive, emphasized that he and his Senate colleagues are unlikely to approve a tax hike targeting individuals earning more than $1 million.

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Sources

bloomberg.com(4)

Bloomberg TV

@BloombergTV

Pennsylvania (R) Sen. Dave McCormick say he doesn't think the GOP-controlled Congress will support higher taxes for millionaires in order to offset revenue losses from President Donald Trump's proposed tax package https://t.co/GSUP9NEOqD https://t.co/ggJlH3BbQI

Erik Wasson

@elwasson

GOP Senator McCormick Says Tax Hike on Millionaires Won’t Fly ⁦@Alicia_Diaz23⁩ https://t.co/icHAFx5lxg

Joe Weisenthal

@TheStalwart

Pennsylvania Senator Dave McCormick, a former Bridgewater executive, says he and the rest of the GOP-controlled Senate will not pass a tax hike on people making more than $1 million https://t.co/ExBqb0QUmn

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