Trump Proposes Raising Tax Rates on the Wealthy to Offset Tax Cuts
According to BlockBeats, on May 9, President Trump pushed to raise the tax rate on the wealthy to offset the tax cuts in his economic plan. Secretary of Commerce Lutnik expressed support.
Trump proposed 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, the top tax rate would be restored to the level before the 2017 tax cuts.
Trump made this request to House Speaker Johnson over the phone and reiterated the need to eliminate tax breaks for venture capital and private equity fund managers. Many Republican lawmakers oppose raising tax rates, and Trump needs support from almost all legislators.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.