President Donald Trump said he is “Ok” with Republicans raising taxes on the wealthy, though he warned it could backfire politically. In a Truth Social post, Trump wrote: “Republicans should probably not do it, but I’m ok if they do!!!” He added that even a small hike could be weaponized by Democrats, referencing former President George H. W. Bush’s infamous 1988 promise: “Read my lips: no new taxes.”
Bush later raised taxes during a recession and lost re-election, a cautionary tale Trump says could repeat. Behind the scenes, Trump has urged Speaker Mike Johnson to raise the top tax rate to 39.6% from 37% for ultra-high earners, with exceptions for small businesses, according to Reuters. While Trump’s MAGA base supports populist policies, top Republicans remain hesitant. The tax debate comes as GOP lawmakers push to extend Trump’s 2017 tax cuts, which are set to expire this year.
