On April 16th, it was reported that Republicans in the White House, Senate, and House of Representatives are drafting an analysis on how to best set new tax brackets for the wealthiest groups in the United States, indicating that the Republican Party under President Donald Trump is seriously considering the idea of raising taxes on the wealthy. According to insiders, the proposal in the House of Representatives intends to set the tax rate for taxpayers with annual income of $1 million or more at 40%. Sources pointed out that the Senate and economic policy advisers of the Trump administration are also studying this idea. A White House official who declined to be named said that Trump is open to establishing a new highest tax bracket. But the official emphasized that the threshold for higher tax rates should be much higher than $1 million. We are studying and discussing various potential offsetting measures with Congress, “Deputy Secretary of the Treasury Michael Faulkender said at an event in Washington on Tuesday, noting that although no decision has been made yet, there are” many, many ideas “under consideration to minimize the total cost of the tax bill.
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