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Trump Expresses Support for Millionaire Tax but Fears Electoral Fallout

President Trump signals conditional openness to raising taxes on the wealthy, but GOP leaders and slim congressional majorities pose significant obstacles.

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 he 'loves the concept' of a millionaire tax to benefit the middle class but fears it could harm Republican election prospects.
  • House Speaker Mike Johnson and key GOP leaders firmly oppose any tax increases, citing traditional Republican tax-cutting priorities.
  • Republicans have considered either restoring the pre-2017 top tax rate of 39.6% or introducing a new 40% bracket for incomes above $1 million to fund Trump's legislative agenda.
  • Trump warned that a millionaire tax could lead to wealthy individuals leaving the country, potentially reducing tax revenues.
  • The debate underscores a growing rift within the GOP between traditional tax-cut advocates and populist-nationalist voices pushing for policies targeting income inequality.