The looming luxury tax won’t hold the Yankees back.

Hal Steinbrenner said Wednesday morning he would be willing to surpass the highest luxury tax threshold ($246 million) if it meant making a move that would put the Yankees “over the top” in pursuit of a championship.

“If I really felt we needed that deal that takes us over the top, then yes, I would,” Steinbrenner said at the MLB owners’ meetings in Midtown. “But we still have a decent amount of cushion. I’m not concerned about that. It’s a decent cushion.”

The Yankees have already surpassed the first two thresholds of $206 million and $226 million. The third, and most costly, penalty comes when the luxury tax payroll goes beyond $246 million. The Yankees would have to pay 42.5 percent tax on every dollar over that mark and their highest draft pick in 2020 would drop 10 spots.

Steinbrenner said the team’s pitching is “still a concern.” It will likely be the Yankees’ biggest priority ahead of the trade deadline and the area that could bring the highest luxury tax threshold into focus.

“I’m willing to do what I can to improve the team,” Steinbrenner said. “If we feel we need another starting pitcher, or even more help in the bullpen, we’re going to look at it. That is on my radar. That threshold is on my radar and was on my radar, I’m not going to say it wasn’t.”

Among the starters that figure to be in the conversation are Madison Bumgarner, Marcus Stroman and Matthew Boyd. Trevor Bauer and Max Scherzer could be big prizes, too, but only if the Indians and Nationals decide to sell. Scherzer, whose contract has an average annual value of $30 million, would bring the highest luxury-tax penalty into play.

“We’re always going to try to field the best team we can,” Steinbrenner said. “That’s the promise we make to the fans every year. Pitching is my concern, so we went out and we got the [J.A.] Happs, we got the [Zack] Brittons and we got the [Adam] Ottavinos. So we’re going to spend money to be the best we can be.”

The Yankees focused on staying under the $197 million luxury-tax threshold last year to avoid penalties, after having paid them for 15 straight years, and reset their base tax rates.

When they recently got beat out by the Braves on signing Dallas Keuchel — sticking to their one-year offer for the prorated qualifying offer of $17.9 million (about $11.6 million) — general manager Brian Cashman cited the additional tax penalties the Yankees would have incurred had they raised the offer.

The current rotation of Masahiro Tanaka, James Paxton, CC Sabathia and Happ has been inconsistent, while Domingo German and Luis Severino are on the injured list. Severino is making progress in his rehab and could debut by July, though Steinbrenner said he did not know what to expect from him.

With a lineup that is nearly back to full strength — and just acquired Edwin Encarnacion, which added about $3.4 million to the payroll — reinforcing the rotation to complement it could go a long way come October. Achieving that may be costly in prospects and/or money, but Steinbrenner said he does not expect either one to stop the Yankees from making the right move.

“Pitching is still a concern, and it has been for me for a while,” Steinbrenner said. “Having said that, we’re still six weeks away from the trade deadline, so there’s not a whole lot happening right now. Things will start to heat up and we will have conversations … but if we feel like we need to improve, we’ll be right in the middle of it.”