BlockBeats news, on May 9, according to sources, U.S. President Trump is pushing to raise tax rates for some of the wealthiest Americans to offset other tax cuts in his signature economic plan. U.S. Commerce Secretary Gutnick stated that he 'supports' this move.
Trump's proposal calls for establishing a new tax bracket of 39.6% for individuals with an annual income of no less than $2.5 million or couples with an income of $5 million. If approved by Congress, it would raise the top tax rate to the level before Trump's 2017 tax cut policy. The current top individual tax rate is 37%.
According to Bloomberg, Trump made this request during a phone call with House Speaker Johnson on Wednesday and reiterated his desire to eliminate the capital gains tax benefits enjoyed by venture capital and private equity fund managers.
However, many Republican lawmakers oppose raising the top tax rate, and Trump needs nearly all lawmakers to support this proposal in a situation where there is little disagreement in the House and Senate. For more than thirty years, Republicans have positioned themselves against raising tax rates as part of their platform. (Gold Ten)