Trump's plan to push for a 39.6% wealthy tax faces internal opposition from the Republican Party.

On May 9, according to sources, U.S. President Trump is pushing to raise tax rates for some of the wealthiest Americans to offset other tax cuts in his signature economic plan. U.S. Commerce Secretary Lighthizer stated that he "supports" this move. Trump's proposal calls for a new tax bracket of 39.6% for individuals earning no less than $2.5 million a year or couples earning $5 million. If approved by Congress, it would bring the top tax rate back to the level before Trump's 2017 tax cuts. The current maximum personal tax rate is 37%. According to Bloomberg, Trump made this request during a phone call with House Speaker Johnson on Wednesday and reiterated his desire to eliminate the tax benefits enjoyed by venture capital and private equity fund managers. However, many Republican lawmakers oppose raising the top tax rate, and Trump needs nearly all lawmakers to support this proposal in a Congress where the House and Senate are not significantly divided. For more than thirty years, Republicans have maintained opposition to raising tax rates as part of their platform. (Jin10)