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Republicans reportedly considering 40% tax rate on millionaires to offset tax cuts
2025-04-15 20:32

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.