Donald Trump may be about to make Republican heads explode and thwart Dems with masterstroke

The proposal has drawn sharp criticism from conservative figures like Fox News’ Sean Hannity

PUBLISHED 23 HOURS AGO

It will also throw a spanner in the works of Independents and Democrats like Bernie Sanders and Alexandria Ocasio-Cortez.

Washington D.C.: President Donald Trump is reportedly weighing a tax increase on Americans earning over $1 million annually to help finance his proposed tax cuts, according to The Washington Post.

While discussions remain preliminary, the idea has sparked fierce debate within Republican circles, challenging the party’s traditional stance as a defender of wealthier taxpayers. But it will also throw a spanner in the works of Independents and Democrats like Bernie Sanders and Alexandria Ocasio-Cortez who have pilloried the president for supporting the 'oligarchy'.

Senator Bernie Sanders speaks during a rally on March 21, 2025 at Civic Center Park in Denver, Colorado. Sanders And Ocasio-Cortez are holding a series of rallies they are calling the "Fight Oligachy" tour.

Trump and key allies — including Vice President JD Vance and Treasury Secretary Scott Bessent — have reportedly shown openness to the idea, which could involve raising the top marginal tax rate from 37% back to its pre-2017 level of 39.6% or introducing new brackets for incomes exceeding $1 million. However, the proposal has drawn sharp criticism from conservative figures like Fox News’ Sean Hannity, who called it a betrayal of Trump’s economic principles.

ALSO READ

New employment report delivers insight into results of Donald Trump tariffs and DOGE layoffs

Elon Musk accepts the undeniable truth behind Tesla's staggering decline

Former Trump strategist Steve Bannon framed the move as a political masterstroke, arguing it would undercut progressive Democrats like Bernie Sanders and Alexandria Ocasio-Cortez, who have long pushed for higher taxes on the wealthy. “This guts the AOC-Bernie ‘oligarchy tour',” Bannon claimed, suggesting it could neutralize Democratic attacks on GOP tax policies.

Yet many Republicans fear alienating their base. Former House Speaker Newt Gingrich shared an apparent message from Trump dismissing the idea, citing George H.W. Bush’s failed “read my lips” tax pledge. Meanwhile, Speaker Mike Johnson reiterated the GOP’s commitment to lowering taxes, not raising them.

While Vance’s office emphasized loyalty to Trump’s priorities, insiders note his past support for closing corporate tax loopholes. Treasury officials also stressed Bessent’s focus on extending Trump’s 2017 tax cuts, despite his earlier warnings of “economic calamity” if they expire.