Trump says tax raises are ‘good politics,’ dismissing GOP critics

As Republicans search for avenues to extend President Donald Trump’s 2017 tax cuts, some Republican lawmakers involved in the process have floated the idea that the nation’s highest earners could see a tax increase in order to usher in cuts for lower-earners. 

For his part, the president is sending signals he tends to agree.

“You know, they’ll go around saying, ‘Oh, this is so terrible.’ What you’re doing is you’re giving up something up top in order to make people in the middle income and the lower income brackets save more. So it’s really a redistribution,” Trump told reporters when asked what his response would be to those Republicans opposed to tax increases on the wealthy.

“I would love to be able to give people in a lower bracket a big break by giving up some of what I have,” the president added.

TRUMP’S TAX HIKE PROPOSAL IS ‘DÉJÀ VU’ OF GEORGE H.W. BUSH’S ‘READ MY LIPS’ MOMENT, EXPERTS SAY

President Donald Trump speaks with reporters as he signs an executive order in the Oval Office of the White House, Friday, May 9, 2025, in Washington.  (AP Photo/Alex Brandon)

He also noted that the move is just “good politics,” dismissing comparisons some political experts have made to one-term Republican President George H.W. Bush, whose broken promise to Republicans that there would be “no new taxes” following his 1988 election victory has been blamed Bush’s failed re-election efforts. 

“Read my lips: No new taxes,” Bush Sr. said during his acceptance speech at the 1988 Republican National Convention. Subsequently, in the face of a ballooning deficit, Bush Sr. ultimately cut a deal with Democrats that raised taxes.

Video

“A lot of people say, don’t do it because of the fact that you have the Bush statement about ‘Read my lips.’ But he lost because of Ross Perot, he didn’t lose because of that statement,” Trump said. “I actually think it’s good politics to do it where richer people give up. And it’s a very small – it’s like a point – but they give it up to benefit the people on lower income.”

TRUMP PUSHES TAX HIKES FOR WEALTHY AS ‘BIG, BEAUTIFUL BILL’ DEADLINE LOOMS

In a post on his Truth Social platform earlier Friday, Trump struck a slightly more cautious tone about the alleged concern that his willingness to increase taxes on the highest earners could spell trouble for him electorally the way it did for Bush Sr. 

He complained that Democrats would point to it repeatedly in an effort to discredit him. However, Trump still contended that the elder President Bush lost because of more than just his broken tax promises, and added that while Republicans should probably not increase taxes on the wealthy, he would be okay with it if they were to do so.

Political experts compared President George H.W. Bush to President Donald Trump after Trump signaled his support for a small tax hike for those at the top.  (Pool/Getty Images)

CLICK HERE TO GET THE FOX NEWS APP

“The problem with even a ‘TINY’ tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is that the Radical Left Democrat Lunatics would go around screaming, ‘Read my lips,’ the fabled Quote by George Bush the Elder that is said to have cost him the Election,” Trump wrote Friday on Truth Social. 

“NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I’m OK if they do!!”