Republicans Consider 40% Tax Rate on Millionaires to Offset Tax Cuts

Odaily reports that Republicans in the White House, Senate, and House of Representatives are drafting analyses to study the best way to set new tax brackets for the wealthiest groups in the United States. This move indicates that under the leadership of President Donald Trump, the Republican Party is seriously considering the idea of raising taxes on the wealthy. According to informed sources, the House proposal suggests setting a tax rate of 40% for taxpayers with annual incomes of $1 million and above. Sources also indicate that economic policy advisors from both the Senate and the Trump administration are examining this idea. A White House official stated that Trump is open to establishing a new top tax bracket. However, the official emphasized that the starting point for the higher tax rate should be well above $1 million.