The Communist Party of the United States is reportedly considering a 40% tax rate on millionaires to offset the cost of tax cuts

Golden Finance reports that Republicans in the White House, Senate, and House of Representatives are drafting analyses on how to best set new tax brackets for the wealthiest groups in the United States, indicating that the Republican Party under President Donald Trump is seriously considering the idea of raising taxes on the wealthy. According to insiders, the proposal in the House of Representatives intends to set the tax rate for taxpayers with annual income of $1 million or more at 40%. Sources pointed out that the Senate and economic policy advisers of the Trump administration are also studying this idea. A White House official stated that Trump is open to establishing a new highest tax bracket. But the official emphasized that the threshold for higher tax rates should be much higher than $1 million.