Trump Signals Possible Support For Millionaires Tax Amid Election Concerns, Recalls George Bush's Promise: 'He Said Read My Lips And… Lost An Election'

In an interview published Friday, President Donald Trump expressed openness to a tax increase on millionaires, despite previous opposition. He noted that his main concern is the potential impact on his electoral prospects.

What Happened: In an interview with Time magazine, Trump referenced former President George H.W. Bush, who lost re-election after breaking a no-tax promise, as a cautionary tale.

Trump stated, "I saw Bush where they said, where he said ‘Read my lips' and he lost an election."

Meanwhile, Trump’s advisors are reportedly debating whether to back a tax hike on those earning over $1 million annually, part of the GOP’s 2025 tax plan. Trump and House Speaker Mike Johnson (R-La.) have expressed concerns about millionaires leaving the country if taxes rise.

See Also: Trump Fails To Impress America’s Young, Shows Poll As They Still Favor Biden — Only 15% Think US On Right Track

Despite these concerns, Trump said he’d be “honored” to pay more taxes, provided it doesn’t jeopardize his election chances.

He emphasized the importance of supporting the middle class, saying, "I'd be raising [taxes] on wealthy to take care of middle class."

Opposition from Trump’s allies, including Newt Gingrich, Steve Moore, and Larry Kudlow, highlights the internal GOP debate on the issue. They argue the plan contradicts Trump’s tax-cut promises.

Why It Matters: The potential shift in Trump’s tax stance is significant given his previous economic policies. Recently, Trump proposed replacing federal income taxes with revenue from tariffs, a move criticized by economists for its feasibility.

In an interview on April 15, he suggested tariffs could generate enough revenue to eliminate personal income taxes.

This idea has led to market volatility, with investors uncertain about the implications of such tariffs. Finance expert Ramit Sethi cautioned against making hasty decisions based on these announcements, emphasizing the potential financial risks involved.

The advice comes amid rising interest in foreign trade zones (FTZs) as companies seek to mitigate tariff impacts. U.S. firms have increasingly turned to FTZs to defer or reduce duty payments.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Jonah Elkowitz