On May 9, US President Donald Trump is urging members of Congress to raise the tax rate on some of the richest Americans to offset other tax cuts in his landmark economic plan. According to informed sources, Trump’s proposal includes establishing a new 39.6% tax rate bracket for individuals with an annual income of at least $2.5 million or couples with a combined income of $5 million. The current highest tax rate for individuals is 37%. According to a source, Trump made this request on Wednesday when calling House Speaker Mike Johnson and reiterated his desire to cancel the carried interest tax benefits enjoyed by venture capital and private equity fund managers.
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