Trump Reverses Course, Says GOP Should ‘Probably Not’ Increase Taxes on Wealthy

But the president added he would be ‘OK if they do.’

President Donald Trump speaks during a swearing-in ceremony of special envoy Steve Witkoff in the Oval Office at the White House in Washington, on May 6, 2025. Kent Nishimura/File Photo /Reuters

President Donald Trump on Friday delivered his clearest remarks yet on whether he wants Republicans to include a provision raising taxes on wealthier Americans, saying that it’s “probably not” a good idea.

“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, “ Trump wrote on Truth Social, is that Democrats 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.”

Perot was a businessman and third-party presidential candidate who ran in the 1992 and 1996 presidential elections. In the 1992 election, Perot garnered 18 percent of the vote and was widely believed to have taken votes from Bush in his reelection campaign.

A source close to Trump told The Epoch Times on Thursday that the president was asking Republican congressional leaders to raise taxes on millionaires to help fund tax cuts.

Specifically, Trump had been considering reestablishing the top individual income tax rate for people earning $2.5 million or more from 37 percent to 39.6 percent, the person said. The source added that the higher rates on wealthier Americans would help offset tax cuts for the middle class and working class, and it would also not force Republicans to slash funding for Medicaid, the government-operated health care service used by millions of poorer Americans.

But last month, House Speaker Mike Johnson (R-La.) said he was opposed to the idea, saying in an interview that he is “not a big fan of” raising taxes on the wealthy.

“We’re the Republican Party and we’re for tax reduction for everyone,” he said.

During his 2024 campaign, Trump vowed to eliminate taxes on tips, Social Security payments to seniors, and overtime. He reiterated in a post on Truth Social earlier this week that he wants to accomplish those things.

“We are going to do no tax on tips, no tax on seniors’ social security, no tax on overtime, and much more. It will be the biggest Tax Cut for Middle and Working Class Americans by far, and it is time for Main Street to win,” he wrote.

The current legislative plan calls for offsetting tax cuts by reducing spending on the Medicaid health care program for lower-income Americans and nutrition support programs and by eliminating popular environmental tax credits, changes opposed by Republican centrists.

“The spending reduction side of this equation has been the most challenging, which is a sad commentary on my party and my conference. But it’s the reality,” House Budget Committee Chairman Jodey Arrington (R-Texas) told reporters.

Arrington and other House Republicans said failure to achieve $2 trillion in spending cuts over a decade would jeopardize Trump’s hopes of making his 2017 tax cuts permanent. A higher tax rate on the wealthy could provide added revenues to compensate for cuts elsewhere.

Reuters contributed to this report.