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Trump seeks to raise taxes on wealthy people making $2.5 million or more
2025-05-08 21:58

Odaily News President Donald Trump is pushing to raise taxes on some of the wealthiest Americans to offset other tax cuts in his signature economic package, according to sources. Trump's proposal calls for a new 39.6% tax bracket for individuals making at least $2.5 million a year or $5 million for couples. If approved by Congress, it would bring the top tax rate to where it was before Trump's 2017 tax cuts. The current top individual tax rate is 37%. Trump made the request in a call Wednesday to House Speaker Johnson, who also reiterated his desire to eliminate the carried interest tax break for venture capital and private equity fund managers.