US President Donald Trump wants to increase income taxes for Americans with an annual income of 2.5 million USD or more, Bloomberg reported.
According to his information, Trump has already discussed this issue with House Speaker Mike Johnson. The issue is about introducing a 39.6% tax, which would apply to individuals with an individual income of 2.5 million USD or to married couples with a total income of 5 million USD. In addition, the American leader wants to cancel tax breaks for managers of private equity funds and venture capital companies.
The current maximum income tax rate in the US is 37%. The agency said the increase would help the Trump administration offset losses from eliminating the tip and overtime taxes Trump is recommending.
In late April, Trump called the idea of raising taxes on America's millionaires destructive. Speaking to reporters at the White House, he said, among other things, that such a measure could cause many wealthy people to leave the United States.