Core Points - President Trump is proposing to increase tax rates for wealthy Americans earning over $2.5 million annually, or couples earning $5 million, to a new rate of 39.6% [1] - This proposal aims to offset other tax cuts in his economic plan and would revert the highest tax rate to levels prior to Trump's 2017 tax cuts [1] - The current highest personal tax rate stands at 37% [1] - Trump communicated this request during a phone call with House Speaker Johnson and reiterated his desire to eliminate the carried interest tax break enjoyed by hedge fund and private equity managers [1]