President Donald Trump's "love" for "the concept" of a millionaires' tax increase is not shared by many conservatives and business groups.
In an interview with Time released Friday, Trump was asked whether he supported the idea of raising taxes on millionaires.
After discussing potential political effects of such an initiative, Trump added: "I'd be raising them on wealthy to take care of middle class. And that's— I love, that. I actually love the concept, but I don't want it to be used against me politically, because I've seen people lose elections for less, especially with the fake news."
Even though he backtracked when asked about the idea Wednesday, a day after his Time interview, Trump saying he loved "the concept" of a millionaires' tax increase has rankled some people on the right.
"The more institutional conservative groups are losing their minds, but I have also talked to a number of conservative House members who are not opposed to it and in fact would be fine with it as long as it's paired with House-level spending cuts and Medicaid reform. They're willing to do it," one Republican strategist told The Hill.
Senate Republicans have warned the expected budget reconciliation package won't pass if it raises the tax rate on the top income bracket.
"That idea is going to go over like a shot dog," one Senate GOP aide said, The Hill reported. "I can count on one hand the number of Republicans who would support raising the rate on top earners, because you're slamming a lot of small-businessmen who have significant wage income.
"That's not healthy for the economy, particularly because we're going to be going into a slowdown because of Trump's trade policies."
Americans for Tax Reform President Grover Norquist said, "This idea is dead. It ain't happening," The Hill reported.
Norquist said Trump realizes raising taxes would be "political death" as former President George H.W. Bush learned after saying, "Read my lips: No new taxes" before agreeing to a tax increase with a Democrat-controlled Congress.
"This is the dumbest idea that I've ever heard," Norquist said. "It's never going to be in the reconciliation package.
"Do you know how many times he's [Trump's] on video saying we're going to have a tax cut for every single American, upper class, middle class?"
Richard Stern, the Director of the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, told The Hill that a higher top tax rate would discourage entrepreneurship.
"The Heritage Foundation believes in limited taxes, and we oppose efforts to raise federal tax rates to or beyond 40%. Congress needs to get its fiscal house in order, but it must do so by tightening its own belt, not by forcing American taxpayers to tighten theirs," Stern said.
"A higher top tax rate would be counterproductive, discouraging hard work and entrepreneurship. Punishing those who provide for others and create jobs is a recipe for failure."
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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