Trump Proposes Higher Taxes for Wealthy Americans

Former President Trump has unveiled a proposal to raise taxes for high-income earners, aiming to reverse portions of the 2017 tax cuts enacted during his presidency. This move would introduce a new tax bracket with a rate of 39.6%, impacting those earning over $2.5 million individually or $5 million as a couple. The proposal is expected to significantly impact wealth, potentially reversing significant financial adjustments made under previous administrations. However, the Republican Party’s longstanding opposition to tax hikes poses a major obstacle for this change.