PRESIDENT TRUMP WAFFLED Friday on a proposal to raise taxes on the wealthiest Americans.
He said GOP lawmakers should "probably not" raise taxes on the rich but added he would be OK if it did happen, The Hill's Mychael Schnell reports..
"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 said in a Truth Social post.
This back-and-forth comes as Republicans on Capitol Hill negotiate on a budget reconciliation bill filled with Trump's legislative priorities.
According to several sources, the White House reportedly proposed as recently as Wednesday allowing Trump's 2017 tax rate cut on the highest-income Americans to expire at the end of 2025. This would bump those individuals' tax rate from 37 percent to nearly 40 percent, while the remaining tax cuts would be extended.
House GOP leaders however have swatted away suggestions of increasing the top tax rate, with Speaker Mike Johnson (R-La.) telling Fox News last month that he “would not expect that” in the final version of the bill.
Trump in an April interview with Time magazine indicated opposition to raising the tax rate on wealthy Americans, claiming that, not only would be used against him politically, but it goes against the Republican party's ethos.
“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,” he said. “We have been working against that idea. I’m not in favor of raising the tax rates because that’s — our party is the group that stands against that, traditionally.”
• The president's about-face on taxes came shortly after Trump signaled a walk back on his hardline stance on China trade negotiations.
Trump said on Truth Social on Friday that he was open to dramatically lowering the 145 percent tariffs he has levied on Chinese imports.
"80% Tariff on China seems right! Up to Scott B," Trump wrote in a post referring to Treasury Department Secretary Scott Bessent.
The U.S. and China are expected to hold trade talks in Switzerland this weekend, with Bessent in the lead negotiator seat.
