US president Donald Trump signaled a shift in stance by saying he’s open to a small tax increase on the wealthy—a reversal from his previous opposition—just as Republicans work to finalise a sweeping tax and spending bill. While Trump has long warned that taxing the rich could drive them out of the country, he acknowledged in a Truth Social post that on May 9 that “Republicans should probably not do it, but I’m OK if they do!!!”The comment depicts the challenge Republicans face in drafting what Trump has called a “big, beautiful bill,” especially amid unified Democratic resistance.
“I and all others would graciously accept [a small tax increase] to help lower and middle income workers,” Trump wrote, while warning that Democrats would use it against Republicans, invoking the infamous “read my lips” moment that haunted former President George H.W. Bush after he broke his no-tax pledge. Trump, however, claimed Bush lost reelection due to Ross Perot’s third-party run, not the tax reversal.
Senate Majority Whip John Thune reiterated the party’s goal of avoiding tax hikes. “We don’t want to raise taxes on anybody,” he said on Fox and Friends, adding that House Republicans must figure out how to fit all of Trump’s priorities into the plan. House Speaker Mike Johnson has proposed $1.5 trillion in tax cuts over the next decade, though some Republicans are pushing for $500 billion more. Merely extending Trump-era tax cuts could add another $4.5 trillion to the price tag. Trump is expected to meet with House Ways and Means Committee Chair Jason Smith on May 9 to further discuss the legislation. With narrow GOP control in both chambers, Republicans aim to pass the bill using reconciliation, a legislative process that allows for approval in the Senate with a simple majority—bypassing the need for 60 votes to overcome a filibuster.