President Donald Trump asked House leadership to consider an increase in the top tax rate for those making millions of dollars a year, a proposition some Republicans are wary of as they look to reach significant slashes in spending to pay for an extension of the tax cuts.
A source familiar with the president’s thinking told the Washington Examiner that Trump is considering allowing the rate on those making $2.5 million or more to revert from 37% to the pre-2017 39.6%.
“This will help pay for massive middle and working-class tax cuts and protect Medicaid,” the source stated.
This is a change from two weeks ago when Trump said on April 24 he thought raising taxes on the wealthy would be “disruptive because a lot of the millionaires would leave the country.”
The president reportedly pushed Speaker Mike Johnson (R-LA) on this proposal during a phone call on Wednesday, adding another policy to Johnson’s plate as his conference argues over how best to reform Medicaid without cutting benefits for people.
