President Trump seeks to create a new 39.6% tax bracket for individuals earnings at least $2.5 million annually and couples earning at least $5 million, according to a new report from Bloomberg that cites sources close to the matter. As of now, the highest tax rate is 37%.
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Trump Aims to Increase Tax for Super Wealthy
The sources disclosed that Trump called House Speaker Mike Johnson today to discuss his proposal. In addition, Trump reportedly wants to cancel out the carried interest tax break, which benefits general partners of investment funds.
The development hasn’t had a significant impact on the market with the S&P 500 (SPX) finishing the day up by 0.58%.
