The Big Story 

In an interview published Friday, the president said he loves the idea of raising taxes on the wealthy to pay for some of his policy proposals, but acknowledged it may not be “acceptable to the public.”

© AP

Trump sat down Tuesday for an interview with Time magazine centered on his first 100 days in office and was asked about the idea floated by some Republicans.

Despite longstanding Republican opposition to tax hikes, some GOP members have proposed raising taxes on millionaires to offset the cost of extending tax cuts, as well as adding the new cuts the president proposed while on the campaign trail.

His comments were made one day before Trump warned the concept of a higher tax on millionaires would be “disruptive.”

“It doesn’t make that much difference, and yet, I could just see somebody trying to bring that up as a subject, and, you know, say, ‘Oh, he raised taxes.’ Well, I wouldn’t be, really, you know, in the true sense, I wouldn’t. I’d be raising them on wealthy to take care of middle class,” Trump told Time.

Read the full report at TheHill.com.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads 

Key business and economic news with implications this week and beyond:

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Trump says he ‘can’t even imagine’ staff gave stock tips on trade deals

Climate change could deliver considerable blows to US corn growers, insurers: Study

Rules on self-driving cars loosened in bid to challenge China

Tax Watch 

US reports record customs taxes after tariffs

Customs tax revenues are hitting record levels in the wake of President Trump’s tariffs, though the Congressional Budget Office won’t include them in baseline budget projections for Republicans’ tax cut and spending bill.

Customs taxes for April came in between $15.6 billion to $68.8 billion for the fiscal year so far, according to Treasury data. That’s more than double the year-ago number at about $7 billion.

Analysts for Deutsche Bank said that was about 50-percent more than the previous full-month record.

“This surge likely reflects the earlier-announced 10 percent universal tariffs and targeted increases from countries like China and Mexico, although it could also be partially driven by importers front-loading inventory,” they wrote.

The Treasury’s general account had a closing balance of $576 billion as of Wednesday. That’s compared to $908 billion reported on April 25, 2024. 

Republicans are aiming to raise the U.S. debt ceiling as part of their tax cut and spending bill, with the House calling for a $4-trillion increase and the Senate calling for a $5-trillion increase.

— Tobias Burns

The Ticker 

Upcoming news themes and events we’re watching:

In Other News 

Branch out with more stories from the day:

Tesla could benefit the most from new rules on reporting of self-driving car crashes

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Good to Know 

Business and economic news we’ve flagged from other outlets:

What Others are Reading 

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What People Think 

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