WASHINGTON (Reuters) -U.S. President Donald Trump on Friday cautioned fellow Republican in Congress of the political consequences if they raise taxes on the wealthiest Americans, but added that he would be "OK" if they do increase to top tax rate.
Trump had privately urged U.S. House Speaker Mike Johnson to raise the tax rate, sources told Reuters on Thursday.
The Republican president suggested an increase to 39.6% from 37% for those earning $2.5 million and higher or joint filers earning $5 million, with carve-outs for small businesses, one source said.
Then there are things like IRA abuse by the wealthy ...
House Bill Would Blow Up the Massive IRAs of the Superwealthy (2021)
www.propublica.org
... The proposed reform stems from a ProPublica story that detailed how PayPal founder Peter Thiel had amassed $5 billion, tax-free, in a Roth IRA. If the bill passes, Roth accounts would be capped at $20 million for high-income individuals. ...
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