Media reports Trump seeking tax hike on wealthy folks
(MENAFN) US President Donald Trump is reportedly considering a tax increase on the country’s wealthiest individuals to help fund a sweeping economic and legislative package, according to multiple media outlets citing sources close to the discussions.
The proposed measure would reintroduce a 39.6% top tax rate for individuals earning $2.5 million or more annually, or $5 million for couples, the New York Times reported. This would effectively reverse part of the 2017 Trump-era tax cuts, which had lowered the top rate to 37%.
The tax hike is intended to offset the costs of a broader legislative plan being developed by lawmakers, which aims to reduce federal spending by $1.5 trillion over the next ten years. The package includes initiatives on tax reform, national defense, energy policy, immigration, and raising the debt ceiling.
Just last month, Trump had rejected the idea of taxing the wealthy more heavily, warning that it could drive affluent Americans out of the country. However, as negotiations over how to finance the legislation intensified, the proposal resurfaced.
The president has also reportedly renewed his push to eliminate the carried interest loophole, a tax break used by hedge fund and private equity managers. Additional measures under discussion include raising the tax on stock buybacks and restricting how much corporations can deduct for executive pay.
If passed, the revised tax plan would mark a significant shift in Trump’s fiscal policy and could reshape how top earners are taxed in the US.
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