The Big Story 

In an interview published Friday, the president said he loves the idea of raising taxes on the wealthy to pay for some of his policy proposals, but acknowledged it may not be “acceptable to the public.”

© AP

Trump sat down Tuesday for an interview with Time magazine centered on his first 100 days in office and was asked about the idea floated by some Republicans.

Despite longstanding Republican opposition to tax hikes, some GOP members have proposed raising taxes on millionaires to offset the cost of extending tax cuts, as well as adding the new cuts the president proposed while on the campaign trail.

His comments were made one day before Trump warned the concept of a higher tax on millionaires would be “disruptive.”

“It doesn’t make that much difference, and yet, I could just see somebody trying to bring that up as a subject, and, you know, say, ‘Oh, he raised taxes.’ Well, I wouldn’t be, really, you know, in the true sense, I wouldn’t. I’d be raising them on wealthy to take care of middle class,” Trump told Time.

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Essential Reads 

Key business and economic news with implications this week and beyond:

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Tax Watch 

US reports record customs taxes after tariffs

Customs tax revenues are hitting record levels in the wake of President Trump’s tariffs, though the Congressional Budget Office won’t include them in baseline budget projections for Republicans’ tax cut and spending bill.

Customs taxes for April came in between $15.6 billion to $68.8 billion for the fiscal year so far, according to Treasury data. That’s more than double the year-ago number at about $7 billion.

Analysts for Deutsche Bank said that was about 50-percent more than the previous full-month record.

“This surge likely reflects the earlier-announced 10 percent universal tariffs and targeted increases from countries like China and Mexico, although it could also be partially driven by importers front-loading inventory,” they wrote.

The Treasury’s general account had a closing balance of $576 billion as of Wednesday. That’s compared to $908 billion reported on April 25, 2024. 

Republicans are aiming to raise the U.S. debt ceiling as part of their tax cut and spending bill, with the House calling for a $4-trillion increase and the Senate calling for a $5-trillion increase.

— Tobias Burns

The Ticker 

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