There’s “significant support” among Republican members of the tax-writing House Ways and Means Committee to create a special top income-tax bracket for the highest earners, a GOP member of the panel said.
President Donald Trump and congressional leaders today are rolling out a framework for a tax overhaul that would condense the existing seven tax rates to three, and cut the top rate to 35 percent from 39.6 percent. But the document would also allow Congress to create a fourth rate for the highest earners.
Ways and Means Chairman Kevin Brady has previously said he’d favor tax cuts for all. But one Republican committee member, who asked not to be identified because the discussions are private, expressed confidence that there will be an additional individual tax bracket above the 35 percent level.
The question will be closely watched as the panel begins considering legislation.
This article was provided by Bloomberg News.