Millionaire Tax Would Hit CEOs, Bankers While Billionaires Slide

CEOs, doctors, lawyers and Wall Street bankers are the likeliest to feel the impact if President Donald Trump and Republicans in Congress boost taxes on millionaires. Billionaires, on the other hand, are likely to skate.

GOP leaders are seriously considering a proposal to create a new 40% rate for taxpayers earning $1 million or more a year, Bloomberg News reported Tuesday. As of now, the top rate of 37% applies for individuals earning at least $626,350.

If enacted, the new taxes would hit hardest among a specific group of wealthy individuals: Highly paid professionals, like executives and top athletes. By ...