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2w ago

Trump Backs Millionaire Tax Hike Concept, Cites Public Resistance Concerns

In a Time Magazine interview, Trump expressed support for a 40% tax rate on millionaires to fund policy proposals but warned of potential political fallout.

President Donald Trump speaks with reporters as he and first lady Melania Trump depart on Marine One from the South Lawn of the White House, Friday, April 25, 2025, in Washington. The President and first lady will be traveling to Rome and the Vatican to attend the funeral for Pope Francis. (AP Photo/Alex Brandon)
President Donald Trump speaks with reporters as he and first lady Melania Trump depart on Marine One from the South Lawn of the White House, Friday, April 25, 2025, in Washington. The President and first lady will be traveling to Rome and the Vatican to attend the funeral for Pope Francis. (AP Photo/Alex Brandon)
Speaker of the House Mike Johnson, R-La., talks to reporters just after House Republicans narrowly approved their budget framework, at the Capitol in Washington, Thursday, April 10, 2025. (AP Photo/J. Scott Applewhite)
Speaker of the House Mike Johnson, R-La., talks to reporters just after House Republicans narrowly approved their budget framework, at the Capitol in Washington, Thursday, April 10, 2025. (AP Photo/J. Scott Applewhite)

Overview

  • President Trump stated his support for raising taxes on millionaires to finance policy priorities such as eliminating taxes on tips and Social Security adjustments.
  • He acknowledged concerns that the proposal could face public resistance and be politically disadvantageous.
  • Republican lawmakers are debating a 40% top tax bracket for incomes over $1 million as part of a larger reconciliation package.
  • If no legislative action is taken, the top tax rate will revert to 39.6% at the end of 2025, aligning with pre-2017 levels.
  • Trump emphasized that he would not mind personally paying more in taxes under such a plan.