Since we got business people here, can we talk taxes? Is that okay with you? Let's talk some taxes.

Okay, so millionaire tax hike gains steam as Trump signals openness. What does this really mean?

Let's go through it. Republicans led by President Trump are exploring a new 40% tax bracket for individuals earning a million dollars or more annually.

With a White House official stating Trump is open to the idea but prefers a threshold far

greater than a million dollars.

Deputy Treasury Secretary Michael Falkinder said, we are investigating and having discussions

with Congress about a variety of potential offsets, while Treasury Secretary Scott Besson noted, everything's on the table to manage the taxable costs.

The proposed millionaire tax rate aims to offset the cost of expanding the state and local tax deductions, potentially raising the cap from $10,000 to $25,000, benefiting high earners

in states like New York and Jersey.

Besson reported very good progress on tax talks, predicting performance for the 2017 tax cuts

and jobs by 4th of July.

Tom, what are your thoughts on this story?

Tell us.

Well, I think, like we've been talking about tariffs, and I said,

I believe tariffs were tactics, not long-term taxes.

Well, it doesn't say Donald has an idea.

It says that Donald Trump, 47, says, I'm open to discussions.

I'm open to the idea.

Because what he's going to do, they got to pay for something.

The salt deduction is where people that are in California and New York get to deduct their state

taxes off their federal. And people have often said, well, you choose to live in New York and

California. You got to pay that because you get a discount on that. You know, people in Florida,

...