Trump Asks Congress to Raise Taxes on Millionaires to Fund Tax Cuts, Source Says

WASHINGTON—President Donald Trump is asking Republican leaders to raise taxes on millionaires to help fund major tax cuts, according to a source familiar with his thinking. The president is considering restoring the top individual income tax rate for those earning $2.5 million or more from the current 37 percent back to the pre-2017 level of 39.6 percent, the person told The Epoch Times. The move would help offset the cost of sweeping tax cuts aimed at helping the middle and working class, while also protecting funding for Medicaid, the source said. Separately, Reuters reported, citing anonymous sources, that Trump privately discussed the idea with House Speaker Mike Johnson during a phone call on Wednesday. In the same conversation, Trump also urged Johnson to close the carried interest loophole that benefits Wall Street....