The Republican Party is considering raising the highest tax rate for millionaires to 40%

According to informed sources, Republicans in the United States are considering establishing a new tax bracket for people with incomes of $1 million or more to offset some of the costs of the tax bill, which is completely different from the Republican Party's decades long opposition to tax increases. Insiders revealed that the new maximum tax rate will be between 39% and 40%. Trump administration officials and allies on Capitol Hill are starting to draft a tax plan, hoping to pass it in the coming months. In addition, Republicans are also considering raising the top tax rate for incomes over $626350 from the current 37% to 39.6%, which means the top tax rate will return to the level set by former President Obama.