Trump Proposes Tax Increase for Wealthiest Americans

According to Odaily, U.S. President Donald Trump is advocating for a tax increase on the wealthiest Americans to balance other tax cuts in his economic plan. The proposal suggests a new tax bracket of 39.6% for individuals earning at least $2.5 million annually or couples earning $5 million. If approved by Congress, this would restore the top tax rate to its pre-2017 levels, reversing Trump's previous tax cuts. The current top individual tax rate stands at 37%. Trump made this proposal during a phone call with House Speaker Johnson on Wednesday, reiterating his desire to eliminate the carried interest tax break for venture capital and private equity fund managers.