Trump says he would accept tax increases for rich, but admits GOP 'probably should not do it'

President Donald Trump is weighing a potential tax increase for high-income earners in order to pass his "big, beautiful" bill through Congress, and hesitantly offered support for the concept in a social media post on Friday.

The president reportedly reached out to House Speaker Mike Johnson about the idea earlier this week, which would raise the tax rate on individuals making at least $2.5 million annually by 2.6%, from 37% to 39.6%.

Trump on Friday reflected on former President George H. W. Bush's decision to raise taxes, breaking a promise he had made at the 1988 Republican National Convention not to raise taxes on Americans, which some claim lost him reelection.

"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 posted to Truth Social. "Republicans probably should not do it, but I’m OK if they do!!!"

The president added that the late billionaire Texas businessman and philanthropist Ross Perot actually cost Bush the 1992 election. Perot ran as a third-party candidate and secured 19% of the vote.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.