In a surprising twist on Republican tax policy, former President Donald Trump said in a newly published interview that he supports the idea of raising taxes on the wealthy to pay for middle-class relief and campaign promises. But while he said he personally “loves the concept,” he admitted the move may not be politically palatable to voters — or to his own party.
In an interview conducted Tuesday and published Friday by Time magazine, Trump was asked about GOP discussions around creating a new, higher tax bracket for millionaires to fund a wide-ranging legislative package. Among the proposals under discussion are eliminating taxes on tipped and overtime wages, and shielding Social Security income from taxation — all ideas Trump championed during his 2024 campaign.
"I wouldn't mind personally paying more," Trump told Time, adding, “I actually love the concept” of raising taxes on the ultra-wealthy. “But I don’t want it to be used against me politically, because I’ve seen people lose elections for less, especially with the fake news.”
Trump’s comments reflect an ongoing debate within Republican circles as the party shapes a massive reconciliation bill aimed at extending his 2017 tax cuts while also delivering new benefits to working-class Americans. One floated idea includes raising the top marginal tax rate to 39.6 percent on income above $1 million—a return to the rate that existed before Trump’s signature Tax Cuts and Jobs Act lowered it to 37 percent.
Currently, that top rate of 37 percent applies to individuals earning more than $609,351 annually. The 2017 tax cuts are set to expire at the end of this year, meaning that unless Congress acts, rates will automatically revert to their pre-2017 levels anyway.
Trump, who has long campaigned on populist economic policies, seemed to wrestle with the political implications of such a reversal. "It doesn’t make that much difference, and yet, I could just see somebody trying to bring that up as a subject, and, you know, say, ‘Oh, he raised taxes,’" he said. “Well, I wouldn’t be, really, you know, in the true sense, I wouldn’t. I’d be raising them on wealthy to take care of middle class.”
Despite his openness to the idea, Trump cautioned that the proposal could be “disruptive” and noted, “the concept is something that may not be acceptable to the public.”
The push to raise taxes on high earners marks a rare point of departure from traditional GOP orthodoxy, which has long opposed tax hikes under almost any circumstances. While some Republicans are open to the change as part of a broader negotiation, others are staunchly opposed, seeing it as a betrayal of party values.
Still, Trump’s willingness to entertain the idea could carry weight with Republicans as they seek to craft a package that appeals to both fiscal conservatives and economically anxious voters.
The former president, widely seen as the frontrunner for the GOP nomination in 2028 if he chooses to run again, may be testing the waters for a new kind of conservative economic policy — one that blends tax cuts for workers with targeted increases on the wealthy, all while maintaining his populist brand.
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