Trump Softens on Raising Taxes on the Rich, Saying G.O.P. Probably Shouldn't
President Trump on Friday publicly softened his private push on House Republicans to raise taxes on wealthy people and scrap a tax break that benefits private equity executives as part of a megabill to carry out his agenda.
'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, is that the Radical Left Democrat Lunatics would go around screaming, 'Read my lips,' the fabled Quote by George Bush the Elder that is said to have cost him the Election,' Mr. Trump wrote on his social media website, Truth Social. 'Republicans should probably not do it, but I'm OK if they do!!!'
Mr. Trump on Wednesday had privately urged Speaker Mike Johnson to create a higher tax bracket for those making more than $2.5 million a year. He also said he supported closing what is known as the carried interest loophole, which allows hedge fund, private equity and venture capital executives to pay taxes of only about 20 percent on their profits, which is about half the top income tax rate.
The request further complicated Republicans' job as they toil to put together a domestic policy bill they hope to push through Congress this year. Divisions within the party over potential cuts to Medicaid and other popular social programs to pay for it, and which tax reductions to include, have delayed the drafting of the package and threaten to sap support for it. And Mr. Trump's abrupt and sometimes fleeting demands for the bill have hung over the talks, with G.O.P. lawmakers reluctant to cross him but uncertain of where he will ultimately stand.
Mr. Trump is not constitutionally eligible to run for another election, unlike President George H.W. Bush, who was famously accused of breaking his campaign pledge not to impose new taxes.
But Republicans are already facing blowback over Mr. Trump's first four months in office, well ahead of the midterm congressional elections. And many do not want to take a vote that would be used by Democrats as a weapon against them.
Mr. Trump did not entirely walk away from his tax demand in the social media post. But he left himself an out should Republicans balk.
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