President Donald Trump is advocating for a tax increase on high-earning Americans to offset reductions in other parts of his economic plan. This involves establishing a new 39.6% tax bracket for individuals earning $2.5 million or more annually, and couples earning $5 million or more.
President Donald Trump is pushing lawmakers to increase tax rates on some of the wealthiest Americans as a way to offset other cuts in his signature economic package.
The president’s proposal calls for creating a new 39.6% tax bracket for individuals earning at least $2.5 million, or couples making $5 million, according to people familiar with the discussion.
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