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Trump seeks to increase taxes on wealthy people earning more than $2.5 million a year."

Internet reports that according to sources, U.S. President Trump is pushing to increase tax rates on some of the wealthiest Americans to offset other tax cuts in his signature economic package. Trump's proposal calls for a new tax band of 39.6% for individuals earning at least $2.5 million a year or couples earning $5 million. If approved by Congress, it would bring the top tax rate to the level it was before Trump's 2017 tax cuts. The current maximum individual tax rate is 37%. Trump made the request in a phone call to House Speaker Johnson on Wednesday and reiterated his desire to eliminate carried interest tax breaks for venture capital and private equity managers.

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