Trump plans to push for a 39.6% tax on the wealthy, facing opposition from within the Republican Party

ChainCatcher news, according to Jin Shi reports, sources say that U.S. President Trump is pushing to raise the tax rates for some of the wealthiest Americans to offset other tax cuts in his signature economic plan. U.S. Secretary of Commerce Lutnick stated that he "supports" this move.

Trump's proposal calls for a new tax bracket of 39.6% for individuals with an annual income of at least $2.5 million or couples with an income of $5 million. If approved by Congress, this would bring the top tax rate back to the level it was before Trump's 2017 tax cuts. The current top individual tax rate is 37%.

According to Bloomberg, Trump made this request during a phone call with House Speaker Johnson on Wednesday, and reiterated his desire to eliminate the carried interest tax benefits enjoyed by venture capital and private equity fund managers.

However, many Republican lawmakers oppose raising the top tax rate, and Trump needs nearly all lawmakers to support this proposal given the narrow divisions in the House and Senate. For over thirty years, the Republican Party has maintained opposition to raising tax rates as part of its platform.