Trump’s Inner Circle Weighs Push For Higher Taxes On Millionaires

President Donald Trump’s inner circle is weighing whether the White House should back raising taxes on Americans earning more than $1 million per year as part of the GOP’s 2025 tax legislation, according to two administration officials and three other people briefed on the matter.

While the prospect of a tax hike has gotten a largely chilly reception among Republicans on Capitol Hill, Vice President JD Vance and budget director Russell Vought have expressed openness to the idea in internal administration deliberations and are viewed as supportive, said the people, who spoke on the condition of anonymity to describe private talks. Stephen K. Bannon, who served as the president’s chief strategist during his first term, has been publicly urging Trump to endorse the plan in part as a way to defang Democratic attacks on the GOP as the party of the rich.

The concept, however, faces strenuous opposition, including from longtime allies of the president. Outside Trump advisers Newt Gingrich, Steve Moore and Larry Kudlow have come out strongly against it, arguing the plan undermines the president’s promise to cut taxes and will discourage economic growth, as has the influential Fox News host Sean Hannity. House Speaker Mike Johnson (R-Louisiana) and GOP Sens. Dave McCormick (Pennsylvania) and Ted Cruz (Texas), among other congressional Republicans, have also made clear that they dislike the idea of raising taxes and do not expect it to become incorporated into new legislation.

Gingrich posted a note on social media Tuesday that he said came from Trump, indicating that the president would “love the idea of a small increase” but that it would probably hurt Republicans politically, so “if you can do without it, you’re probably better off” not raising taxes. A White House spokesman did not immediately respond to a request for comment on the note.