The development of the highly anticipated Republican tax and spending bill has taken a potentially complicated turn as indications emerge that President Trump may be wavering on a suggestion to increase taxes on the nation’s highest earners.
Just this week, reports surfaced that the president had privately encouraged House Speaker Mike Johnson to allow the top marginal income tax rate to revert to approximately 40% for those making over $2.5 million annually. This proposal was reportedly floated as a means to offset the costs of other tax priorities, including the elimination of taxes on tips.
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However, the president appeared to publicly walk back that notion in a Friday morning post on Truth Social. He stated that congressional Republicans should “probably not” raise taxes on the wealthiest Americans. Despite this, he conceded that he would not actively prevent lawmakers from including such a provision in their sweeping legislation.
“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. NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I’m OK if they do!!!” Trump wrote Friday on Truth Social.
These recent statements follow prior indications that the president was open to the idea of higher taxes for millionaires. In a recent interview with TIME Magazine, he expressed support for such a concept but voiced concerns about potential negative political repercussions for Republicans.
“Well, I’ll tell ya, I certainly don’t mind having a tax increase, and the only reason I wouldn’t support it is because I saw Bush where they said, where he said, ‘Read my lips,’ and he lost an election,” he told TIME. “He would have lost it anyway, but he lost an election. He got beat up pretty good. I would be honored to pay more, but I don’t want to be in a position where we lose an election because I was generous, but me, as a rich person, would not mind paying and, you know, we’re talking about very little.”
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He further elaborated to TIME, “I’d be raising them on [the] 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, because I’ve seen people lose elections for less, especially with the fake news.”
The vast majority of Republican lawmakers have historically opposed tax increases, particularly on higher earners. Many have signed the Americans for Tax Reform pledge, vowing to oppose any and all tax hikes.
Republican Senator Ted Cruz of Texas voiced his opposition Thursday: “[Raising taxes on the top level] would be a tax on every small business, every job creator. That’s what Kamala Harris campaigned on. That’s what she promised.”
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The White House’s seemingly shifting stance adds another layer of complexity to the already challenging process of crafting a unified Republican tax bill, particularly given the party’s strong anti-tax sentiment.
It remains to be seen whether congressional Republicans will heed the president’s latest suggestion to avoid raising taxes on the wealthy, or if the possibility of such a measure remains on the table.
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