#TRUMP Trump Proposes Higher Taxes on the Wealthy to Offset Cuts

Former President Donald Trump has proposed raising taxes on the wealthiest Americans to balance other tax cuts in his economic plan. According to Odaily, he suggests creating a new top tax bracket of 39.6% for individuals earning $2.5 million or more annually, and couples earning at least $5 million. This move would reverse a key part of Trump’s 2017 tax reforms, which had lowered the top rate to 37%. The proposal was shared during a phone call with House Speaker Mike Johnson. Trump also reiterated his intention to eliminate the carried interest loophole, which benefits private equity and venture capital managers. If approved by Congress, this plan could restore pre-2017 tax levels for the ultra-wealthy, signaling a notable shift in Trump’s economic stance ahead of the 2024 election.