The Trump admin is considering higher taxes on the rich – report

An Axios report says the Trump admin is considering allowing the richest Americans’ tax rates to rise in return for cutting taxes on tips.

There isn’t much here as it says “some White House officials believe” it would be a good idea. Note that this would have to get through Congress and it would take the top rate to 39.6% from 37% and also lower the threshold for when that kicks in.

Aside from the obvious political problems in raising taxes for the rich, I can’t understand how removing taxes on tips might work as it presents an infinite number of loopholes.

This article was written by Adam Button at www.forexlive.com.