President Donald Trump is urging Congress to raise taxes on the wealthiest Americans, including a new top tax bracket and eliminating longstanding breaks, as Republicans look for ways to fund sweeping economic reforms, Bloomberg reported.
Trump’s proposal, discussed in a phone call Wednesday with House Speaker Mike Johnson, would create a 39.6% tax bracket for individuals earning at least $2.5 million annually or couples making $5 million, according to people familiar with the talks. That rate would restore the top marginal tax level to its pre-2017 level before Trump’s first-term cuts lowered it to 37%.
The president also reaffirmed his desire to eliminate the carried interest loophole used by private equity and venture capital fund managers. A preliminary estimate by the nonpartisan Tax Foundation indicates the millionaire bracket could raise $67.3 billion over a decade while eliminating the carried interest break could generate an additional $6.7 billion.
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