Rich Americans Hasten a Trump Headache: Raising Debt Ceiling
- Wealthy may defer up to 20 percent of some taxable income
- Mnuchin wants Congress to act on debt ceiling by August
Why Rich Americans May Be the Newest Debt-Limit Threat
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Wealthy Americans have put off some of their tax bills this year, causing such a pinch to government revenue that the U.S. could face a default on its debt months sooner than the White House expected.
High-income taxpayers may be anticipating a future tax cut from President Donald Trump. But they may also accelerate a political headache for him: persuading Congress to raise the government’s debt limit.