Trump Asks Congress to Raise Taxes on Millionaires to Fund Tax Cuts, Source Says

The move would help offset the cost of sweeping tax cuts aimed at helping the middle and working class, while also protecting funding for Medicaid.
Trump Asks Congress to Raise Taxes on Millionaires to Fund Tax Cuts, Source Says
President Donald Trump speaks during a swearing-in ceremony for new U.S. Ambassador to China David Perdue in the Oval Office at the White House in Washington on May 7, 2025. Anna Moneymaker/Getty Images
Emel Akan
Updated:
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WASHINGTON—President Donald Trump is asking Republican leaders to raise taxes on millionaires to help fund major tax cuts, according to a source familiar with his thinking.

The president is considering restoring the top individual income tax rate for those earning $2.5 million or more from the current 37 percent back to the pre-2017 level of 39.6 percent, the person told The Epoch Times. The move would help offset the cost of sweeping tax cuts aimed at helping the middle and working class, while also protecting funding for Medicaid, the source said.

Emel Akan
Emel Akan
Reporter
Emel Akan is a senior White House correspondent for The Epoch Times, where she covers the policies of the Trump administration. Previously, she reported on the Biden administration and the first term of President Trump. Before her journalism career, she worked in investment banking at JPMorgan. She holds an MBA from Georgetown University.
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