(ZeroHedge)—President Donald Trump is urging Republican lawmakers to raise taxes on some of the wealthiest Americans as part of his sweeping new economic package – a move that US Commerce Secretary Howard Lutnick says he’s ‘in favor’ of doing.
According to individuals familiar with the discussions, Trump is pushing for the creation of a new 39.6 percent tax bracket for individuals earning at least $2.5 million annually or couples making $5 million. The current top rate stands at 37 percent. If enacted, the measure would restore the top marginal rate to its pre-2017 level, effectively rolling back a key piece of President Trump’s own first-term tax cuts.
According to Bloomberg, Trump made his case in a phone call Wednesday with House Speaker Mike Johnson, where he also reiterated support for ending the carried interest tax break – a longstanding benefit claimed by private equity and venture capital managers, one source said.
Representative Jason Smith, the Missouri Republican who chairs the powerful House Ways and Means Committee, is expected to meet with President Trump on Friday. A congressional aide said Smith plans to assure the president that the forthcoming tax bill ‘will deliver on the president’s priorities,’ according to the aide.
While the proposal’s full contours remain under negotiation, it is not yet clear whether it would include an expansion of the existing small business income exemption under the individual tax code.
The push to raise the top rate comes as House Republicans face mounting fiscal pressure in drafting what President Trump has labeled the “one big beautiful bill” — a multi-trillion-dollar package aimed at extending the 2017 tax cuts while enacting a range of new promises, including eliminating taxes on tips and overtime pay.
To finance the plan, GOP leaders have struggled to find consensus on cuts to entitlement programs such as Medicaid, prompting President Trump to float alternatives. Despite concerns that taxing high earners could harm Republicans politically or drive wealth abroad, President Trump has increasingly suggested such a move might be necessary.
Raising taxes goes against long-standing Republican orthodoxy. Trump’s willingness to propose a tax hike for millionaires demonstrates how much he has remade the GOP in his own populist image. Top Republicans have balked at other proposals that would raise levies on affluent households. -Bloomberg
“Anytime the president asks for something, we will consider it,” said Representative Kevin Hern of Oklahoma, a member of the House tax-writing committee. He confirmed that both the new top rate and carried interest repeal are “under discussion” but emphasized that “there is no agreement yet.”
In the Senate, the reaction has been more measured. Senator Mike Crapo of Idaho, the top Republican on the Senate Finance Committee, told conservative talk show host Hugh Hewitt on Thursday that he’s “not excited” about the tax hike but acknowledged that “there are a number of people in both the House and the Senate who are.”
“If the president weighs in in favor of it,” Crapo added, “then that’s going to be a big factor that we have to take into consideration.”
As Republicans weigh how to advance President Trump’s second-term tax ambitions, the question of who pays — and how much — is shaping up to be a defining test of the president’s enduring sway over the party’s economic direction.
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