The messages Donald Trump is sending about a proposal to increase taxes on the wealthiest Americans aren’t just mixed; they’re actually inscrutable.
In a post on Truth Social Friday, the president appeared torn about whether he planned to actually follow through on his proposal to hike taxes on the super rich.
“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 wrote.
‘Trump was referring to President George H.W. Bush’s famous campaign promise, “Read my lips: no new taxes.” Ultimately, Bush left income tax alone but raised other levies on oil and chemicals, increased fees on international travel, and moved up the collection dates for certain taxes. Trump seemed unwilling to break his campaign promises to lower taxes for Americans.
But it was Trump who reportedly pitched House Speaker Mike Johnson Wednesday on creating a new 39.6 percent tax bracket for individuals earning at least $2.5 million, or couples making $5 million, people familiar with the discussions told Bloomberg. Trump has been adamant that his sweeping reciprocal tariffs will replace the federal funding lost by eliminating the income tax.
Commerce Secretary Howard Lutnick told Bloomberg Television’s Balance of Power Thursday that higher taxes for the rich could help offset other tax cuts.
During his first term Trump had slashed rates “from 39.6 to 37. So, if he just goes back to what he did last time, I’m in favor of that,” Lutnick said. “I think it’s smart, as long as it is a redistribution to his priorities of no tax on tips, no tax on overtime, and no tax on Social Security.”
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