Republicans reportedly considering 40% tax rate on millionaires to offset tax cuts

Odaily News Republicans in the White House, Senate and House of Representatives are drafting analyses of how best to set new tax brackets for the wealthiest Americans, a sign that President Donald Trump’s party is seriously considering raising taxes on the wealthy. The House proposal would set a 40% tax rate on taxpayers making $1 million or more, according to people familiar with the matter. Economic policy advisers in the Senate and the Trump administration are also studying the idea, the sources said. A White House official said Trump is open to a new top tax bracket. But the official stressed that the higher tax rate should start well above $1 million.