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Topline President Donald Trump said he supports raising taxes on the wealthy to pay for other cuts in his signature economic package, as congressional Republicans have struggled to find ways to offset the spending reductions without slashing entitlement programs. President Donald Trump makes a trade announcement in the Oval Office of the White House in … More Washington, DC, on May 8, 2025. (Photo by JIM WATSON/AFP via Getty Images) AFP via Getty Images Key Facts Trump said Republicans “should probably not” increase taxes on the rich, but he’s “OK if they do” in a Friday Truth Social post, expressing concerns that Democrats could claim the move amounts to a broken promise. Trump said he and other wealthy people “would graciously accept” a tax increase “in order to help the lower and middle income workers.” The president made the statement a day after reports he pushed for the tax increase in a phone call Wednesday with House Speaker Mike Johnson, R-La. Trump suggested to Johnson taxing individuals making more than $2.5 million per year and couples earning above $5 million at a rate of 39.6%, multiple outlets reported, citing unnamed sources familiar with the discussion. In the 2017 Tax Cuts and Jobs Act, Trump set a 37% tax rate for top earners making above $626,350. Tangent Trump said in the Friday Truth Social post he worried that raising taxes on the wealthy could lead to political backlash akin to that surrounding former President George Bush’s famed “read my lips: no new taxes” quote. Bush’s 1990 budget included some gimmicks, including new fees and levies, that weren’t exactly defined as taxes, to pay for cuts, leading to claims he broke the “no new taxes” promise made during his campaign. Big Number $67.3 billion. That’s how much the new tax on top…

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Filed under: News - @ May 9, 2025 5:27 pm