Earlier this week, Donald Trump made some waves when he claimed he would be open to a tax hike on the richest Americans. This is a huge break with conventional Republican orthodoxy on tax issues. He aired his grievances about the tax proposal on Truth Social. In his post, he laid out what it would mean for lower and middle-income workers.
In a post on Truth Social last week, Trump claimed victory after he called House Speaker Mike Johnson to the Goodman. He also urged Johnson to include a tax increase on high earners in the next big tax and spending package. He highlighted that he and others would “graciously” agree to a “TINY” tax increase if it serves the working class. He warned his fellow Republicans against adopting such an approach. He certainly wouldn’t be against it if they moved ahead with doing that.
Trump’s vision would require a massive legislative package—preferably on some level a bipartisan one—through a closely-divided Congress. He describes it as a “one, big, beautiful bill.” He even says he’s willing to consider raising taxes on the wealthy. This represents a huge departure from typical Republican orthodoxy, which has historically railed against anything that increases taxes on high-income earners.
To substantiate his argument, Trump’s post invoked the legacy of former President George H.W. Bush. He remembered George Bush’s no new taxes pledge from the 1988 campaign. He contended that Bush’s inability to deliver on that promise was in large part responsible for his defeat in the 1992 presidential election. The Republicans have been laying this at the feet of Ross Perot, an independent. He said adamantly, “NO, Ross Perot was the reason he lost the Election!”
Even the prospect of Trump supporting a tax increase has sent shockwaves through the news media, as seen in this piece by CNBC. His comments highlight a refreshing intellectual subtlety to today’s fiscal debates. This may play well with some constituents, but it puts Perry at odds with party establishment norms.
On May 6, 2025, amidst these concerns, Trump spoke directly to them at the White House. He gave those remarks at Special Envoy Steve Witkoff’s swearing-in ceremony. In this formal setting, his remarks about taxation and economic policy further highlighted his evolving stance on raising taxes for the wealthiest Americans.