New Delhi, May 9 -- In a surprising shift that challenges traditional Republican fiscal orthodoxy, President Donald Trump has instructed congressional Republicans to consider raising taxes on the highest earners as part of his expansive "big, beautiful bill." According to individuals familiar with the discussions, Donald Trump is advocating for the creation of a new 39.6% tax bracket targeting individuals with incomes exceeding $2.5 million, or couples earning over $5 million.

Congress is currently grappling with the impending expiry of the reduced tax rates established under Trump's 2017 Tax Cuts and Jobs Act, scheduled to lapse at the end of this year.

In recent conversations with House Speaker Mike Johnson, Donald Trump emphasised th...