ATLANTA, GA — President Donald Trump said he would be open to a “tiny” tax increase on wealthy Americans, marking a shift as Republicans try to pass a sweeping tax bill.
Sources familiar with a recent phone call between President Trump and House Speaker Mike Johnson said the president urged Johnson to consider raising taxes on the nation’s highest earners as a way to offset the cost of extending key provisions of the 2017 Tax Cuts and Jobs Act, which are set to expire at the end of 2025.
Trump addressed the issue Friday in a post on Truth Social, indicating support for the tax increase while also warning of potential political fallout.
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"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 stated.
The statement comes as House Republicans work to finalize a tax package that would deliver on several of Trump’s campaign promises, including eliminating taxes on tips and overtime pay.
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Johnson has previously expressed strong opposition to any tax increases as part of the plan, but GOP lawmakers are still seeking ways to pay for the cuts without adding to the federal deficit.
Republicans hold a narrow majority in the House, so a final decision will need near-unanimous GOP support.
