Source: Reuters
U.S. Republican presidential candidate Donald Trump said on Sunday he is open to raising taxes on the rich, backing off his prior proposal to reduce taxes on all Americans and breaking with one of his party's core policies dating back to the 1990s.
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Trump's call for higher taxes on the wealthy is a break with Republican presidential nominees who have staunchly opposed tax hikes for almost three decades. Higher taxes have been anathema to many in the party since former President George H.W. Bush infuriated fellow Republicans by abandoning a pledge not to raise taxes and agreeing to an increase as part of a 1990 budget deal.
Democrats, including presidential front-runner Hillary Clinton, have pressed for increased taxes on the wealthiest Americans for years.
Trump released a tax proposal last September that included broad tax breaks for businesses and households. He proposed reducing the highest income tax rate to 25 percent from the current 39.6 percent rate.
