A side-by-side of the U.S. Capitol and former President Donald Trump. (Getty Images/AP Images)
But the idea found support among more populist Trump allies like House Freedom Caucus Chairman Andy Harris, R-Md.
"Personally, I’ve always believed that if we can’t find spending reductions elsewhere, we should look at restoring the [pre-2017 Tax Cuts and Jobs Act (TCJA)] tax bracket on million dollar income to help pay for the President’s agenda," Harris wrote on X.
It comes after Trump signaled to GOP leaders that he was open to raising taxes on the ultra-wealthy to offset the cost of new policies eliminating taxes on tips, overtime pay and retirees' social security.
A source familiar with the president's thinking told Fox News Digital that to accomplish those goals, as well as preserving Medicaid for millions, Trump is considering a new top income tax bracket of 39.6% for single taxpayers making $2.5 million or more per year.
The TCJA lowered the tax rate for the top income bracket — currently $609,350 for single filers — to 37%, a cut that's expiring at the end of this year.
Trump himself toyed with the idea publicly on Truth Social Friday morning, though made clear he saw the potential drawbacks.
"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, referencing ill-fated comments by late former President George H.W. Bush.
"NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I’m OK if they do!!!"
Rep. Marlin Stutzman said, 'What I've heard from people in the upper tax brackets is, you know, they're willing to pay more as long as they know that it's paying the debt down.' (Getty Images)
"Republicans have a chance to lock in pro-growth tax policy and reignite prosperity for a generation of Americans – something every conservative can agree on. There is no appetite anywhere for raising taxes on anyone," AFP Chief Government Affairs Officer Brent Gardner told Fox News Digital.
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"The sooner Republicans can get back to this broad consensus – keeping taxes low, while cutting wasteful spending – the sooner they’ll all start to see the benefits, both economically and politically."
The House Ways & Means Committee is expected to meet on Tuesday to advance the tax portion of the package, so its details – including the potential tax hike – will be released in the coming days.
Republican leaders hope to have a bill passed in the House of Representatives by around Memorial Day, with a final bill on Trump's desk by the Fourth of July.
With razor-thin margins in the House and Senate, the GOP can afford precious little dissent if they are going to meet their goals.
Elizabeth Elkind is a politics reporter for Fox News Digital leading coverage of the House of Representatives. Previous digital bylines seen at Daily Mail and CBS News.
Follow on Twitter at @liz_elkind and send tips to elizabeth.elkind@fox.com
https://www.foxnews.com/politics/civil-war-threatens-gop-over-millionaire-tax-hikes-trumps-big-beautiful-bill