Bloomberg: Trump is considering a tax hike for wealthy Americans
US President Donald Trump is currently discussing with lawmakers a plan that could raise taxes for millionaires to 39.6%, Bloomberg reports, citing sources.
“According to people familiar with the discussions, the president’s proposal calls for a new 39.6 percent tax rate for individuals earning at least $2.5 million or married couples earning $5 million,” the agency reported.
According to an independent tax foundation’s preliminary estimate provided to Bloomberg, enacting a new tax rate for millionaires would raise $67.3 billion over ten years.
If Congress approves Trump’s plan to increase the tax rate to 39.6 percent, it would bring the top tax rate back to levels not seen since 2017, when Trump cut taxes. Currently, the top rate for individuals is 37%.
During a meeting with reporters at the White House last month, Trump said the idea of raising taxes on the wealthiest Americans could cause people to start leaving the country and would have “very devastating” consequences.