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Trump Proposes 39.6% Tax Rate for Millionaires

5/10/2025

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Trump Proposes Tax Hike

President Trump has unveiled a bold proposal for a new top income tax bracket, targeting those earning over $2.5 million with a hefty 39.6% rate. In talks with House Speaker Mike Johnson, this plan aims to roll back aspects of the 2017 tax cuts, igniting a fierce debate within the GOP over tax breaks for the wealthy and the contentious state and local tax deductions.

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Pence Warns Trump

Former Vice President Mike Pence cautioned President Trump against imposing higher taxes on wealthy Americans, fearing it could jeopardize small businesses. Trump's proposed tax increase for those earning over $2.5 million has sparked worries among Republicans about potential political fallout, echoing the backlash faced by George H.W. Bush during his tax hike.

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Trump Proposes Tax Hike

President Trump has unveiled a bold proposal for a new top income tax bracket, targeting those earning over $2.5 million with a hefty 39.6% rate. In talks with House Speaker Mike Johnson, this plan aims to roll back aspects of the 2017 tax cuts, igniting a fierce debate within the GOP over tax breaks for the wealthy and the contentious state and local tax deductions.

1 / 2