President Donald Trump said he’d be “OK” with “tiny” tax hikes on the rich on Friday, but warned that the changes would likely lead to pushback from the Republican party
The Truth Social post follows similar remarks to Time magazine last month
The remarks come just before Republicans are set to present the “one big beautiful bill,” a piece of legislation that will cover things like tax cuts and budgetary considerations, among other things
President Donald Trump said Friday morning that he’d be “okay” with “tiny” tax hikes for the rich, but warned Republicans they should “probably not do it.”
In a post on Truth Social, Trump wrote, “The problem with even a ‘TINY’ tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is that the Radical Left Democrat Lunatics would go around screaming, ‘Read my lips,’ the fabled Quote by George Bush the Elder that is said to have cost him the Election… In any event, Republicans should probably not do it, but I’m OK if they do!!!”
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Republicans have been struggling to come up with $1.5 trillion in budget cuts to help offset the trillions of dollars in tax cuts that have resulted from the Tax Cuts and Jobs Act, which Trump signed into law in 2017.
This is not the first time Trump has indicated that he’d support tax hikes on the rich. In an interview with Time magazine last month, he said, “I certainly don’t mind having a tax increase… I’d be raising them on wealthy to take care of middle class. And that’s—I love, that. I actually love the concept, but I don’t want it to be used against me politically.”
House Republicans are split on the idea of tax increases for those who make over $1 million a year. When asked by the Washington Post how many senators would support the plan, Sen. Josh Hawley (R-MO), said, “Zero probably. Maybe one or two.” The Post also reports that House Speaker Mike Johnson (R-LA), Sen. Dave McCormick (R-PA), and Sen. Ted Cruz (R-TX), are all vehemently opposed to the idea.
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Insiders told Reuters that Trump is pushing to raise the top tax rate from 37% to 39.6% for individuals earning $2.5 million and higher and joint filers earning $5 million or more. “This will help pay for massive middle and working-class tax cuts, and protect Medicaid,” a source told the outlet.
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