President Donald Trump floated his interest in a proposal to tax the rich last week, according to a new report.
President Donald Trump floated his interest in a proposal to tax the rich last week, according to a new report.
During meetings held with GOP senators at the White House, Trump signaled he is open to raising taxes on the highest earners in the country, three sources familiar with the meeting revealed to Semafor.
The comment came during a sit-down with Republicans on the Senate Budget Committee and Senate Majority leader John Thune.
During the session Sen. Lindsey Graham, R-S.C., asked the president how he felt about a proposal that would increase taxes on the highest earners.
Trump responded that he is fine with that idea, the three sources shared.
However, those in attendance noted to the outlet that the 78-year-old Republican's support was far from full-throated.
His nod towards raising taxes for the America's wealthiest comes after White House officials have floated that could be a way to pay for other priorities of the president.
And it comes as the markets have been melting down over his bold new tariffs send shock waves worldwide.
A White House official told Axios at the end of March that tax increases on the rich could help pay for tax cuts for average-income Americans.
In a private meeting last week with Republican senators President Donald Trump reportedly told lawmakers he is open to increasing taxes on the wealthiest Americans
The report could mean that Trump may increase taxes on American billionaires like Mark Zuckerberg, Lauren Sanchez, Jeff Bezos, Sundar Pichai and Elon Musk, who are pictured above attending the Inauguration of Trump in January
This possible tax increase on the rich would directly help subsidize Trump's promise to cut taxes on tips, the White House official said.
Currently the top income tax rate for the wealthiest Americans is 37 percent.
That rate is only charged on Individuals making more than $609,351 a year or for married couples making $731,201.
This represents the top 1 percent of earners nationwide who already pay an outsized share of the nation's federal income tax.
That rate was set in 2017 after Trump passed tax cuts that lowered the rate for the highest income earners from 39.6 percent.
Congress is currently working to renew those 2017 tax cuts by the end of summer as they are set to run out at the end of the year.
Republicans have noted that if they are unable to pass the Trump tax cut extension then they will be effectively raising taxes for all Americans.
At the GOP leadership press conference Tuesday morning Speaker Mike Johnson, R-La., told reporters that 'generally' he and Republicans are 'trying to reduce taxes.'
Amazon CEO Jeff Bezos, Elon Musk and Ivanka Trump attend a candlelight dinner hosted by U.S. President-elect Donald Trump at the National Building Museum in Washington, D.C. U.S., January 19, 2025
Pictures of the billionaires at Trump's inaguration went viral after being dubbed the 'trillion dollar photo' as all of those pictured are worth well over $100 billion
House Majority Leader Steve Scalise, R-La., said during the event that the GOP is working to 'keep rates where they are.'
Another powerful GOP faction leader, House Freedom Caucus leader Rep. Andy Harris, R-Md., also expressed interest in raising taxes.
'If we slightly increase the rate on the highest earners or create a million-dollar earner bracket that’s a little bit higher than the current highest level, I’d be okay with that,' he told Semafor.
If Trump does increase taxes on the rich to provide tax breaks for average American earners it could help the president keep his campaign promise of helping lift up the middle class.
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