Republicans reportedly considering 40% tax rate on millionaires to offset tax cuts

Odaily Odaily News: Republicans in the White House, Senate and House of Representatives are drafting analyses to study how best to set new tax brackets for the wealthiest Americans, a move that suggests the Republican Party under President Donald Trump is seriously considering the idea of ​​raising taxes on the rich. According to people familiar with the matter, the House of Representatives' proposal would set the tax rate at 40% for taxpayers with annual incomes of $1 million or more. Sources pointed out that economic policy advisers in the Senate and the Trump administration are also studying the idea. A White House official said Trump is open to establishing a new top tax bracket. But the official stressed that the starting point for the higher tax rate should be much higher than $1 million.