The Republican Party is reported to be considering a 40% tax rate on millionaires to offset the cost of tax cuts

Republicans in the White House, Senate and House of Representatives are drafting analysis of how best to set new tax brackets for the wealthiest Americans, in a sign that President Donald Trump's party is seriously considering the idea of raising taxes on the wealthy. The House proposal would set the tax rate at 40 per cent for taxpayers earning $1 million or more a year, according to people familiar with the matter. Economic policy advisers in the Senate and the Trump administration are also studying the idea, the sources said. A White House official said Mr. Trump was open to a new top bracket. But the official stressed that the higher rate should start at a much higher threshold than $1 million.