Trump's Plan to Strongly Advocate for a 39.6% Wealth Tax Faces Opposition Within the Republican Party

May 9th. As per the information available, President Trump of the US is striving to increase the tax rate for some of the wealthiest Americans in order to offset other tax cuts within his notable economic plan. The US Commerce Secretary Lutnick expressed that he "is in favor of" this action. Trump's proposal suggests establishing a new 39.6% tax bracket for those with an individual annual income of at least $2.5 million or couples with an income of $5 million. If this is approved by Congress, it will bring the highest tax rate back to the level prior to Trump's 2017 tax cut policy. Currently, the top individual tax rate is 37%. According to Bloomberg, Trump made this request during a call to House Speaker Johnson on Wednesday, emphasizing his desire to eliminate the carried interest tax break that venture capital and private equity fund managers enjoy. However, a large number of Republican lawmakers are opposed to raising the top tax rate, and Trump requires the support of almost all lawmakers in both the House and the Senate with only minor differences. For more than three decades, the Republican Party has been opposed to raising tax rates as part of its stance. (Golden Finance)