Trump seeks to raise taxes on wealthy people earning more than $2.50 million a year

President Donald Trump is pushing to raise tax rates on some of the wealthiest Americans to offset other tax cuts in his signature economic package, according to sources. Trump's proposal calls for a new 39.6 percent tax bracket for individuals earning at least $2.50 million a year or couples earning $5 million. If approved by Congress, it would bring the top tax rate to the level before Trump's 2017 tax cuts. The current top tax rate for individuals is 37 percent. Trump made the request in a phone call to House Speaker Johnson on Wednesday, also reiterating his desire to eliminate carried interest tax breaks for venture capital and private equity fund managers.