House Speaker Mike Johnson has said he is not a “big fan” of introducing a tax rate for millionaires of up to 40 percent.
Speaking with Fox News’ Maria Bartiromo on Sunday, Johnson said negotiations were ongoing to advance President Donald Trump’s tax package through Congress. He added that he wouldn’t “put any money” on any proposals yet.
Newsweek has contacted Johnson’s office for comment via email.
Why It Matters
Trump and other GOP lawmakers have weighed raising taxes for some of the country’s wealthiest individuals to offset costs in their broader tax proposal, Bloomberg reported, citing individuals familiar with the matter. Such a proposal aligns more closely with progressive lawmakers—including Representative Alexandria Ocasio-Cortez of New York and Senator Bernie Sanders of Vermont, who are traveling the country on a Fighting Oligarchy tour.
What To Know
Republicans are said to be considering raising the top tax rate for millionaires to about 39 to 40 percent, up from 37 percent, Bloomberg reported on April 3.
Another plan under discussion would raise the top tax rate for incomes greater than $626,350 to 39.6 percent, the outlet added.
Speaking to Fox News on Sunday, Johnson said he opposed such a move and emphasized that the GOP sought to reduce taxes for all Americans.
Johnson said there would be “rumors and lots of talk” over the next few weeks about how Congress would negotiate to advance Trump’s agenda package.
The House of Representatives passed a budget bill on Thursday that included trillions of dollars in cuts to both taxes and government spending. Trump’s cost-cutting mandate is a key part of his legislative agenda, and he hopes to sign what he has called his “big, beautiful bill” into law soon.
Trump previously told Republican senators that he was open to raising tax rates on some of the country’s highest earners, according to Semafor, which cited unnamed sources.
Representative Andy Harris, a Republican from Maryland and the chair of the House Freedom Caucus, also said he would support such a move.
House Majority Leader Steve Scalise has rejected the idea, saying at an April 8 news conference that the GOP was working to “keep rates where they are.”
What People Are Saying
House Speaker Mike Johnson told Fox News on Sunday: “I’m not a big fan of doing that. We’re the Republican Party, and we’re for tax reduction for everyone—that’s a general principle that we always try to abide by. There’s lots of discussion, lots of ideas on the Hill. People have different thoughts and theories on how we can solve this perfect equation to get all of this done. But I wouldn’t put any money on any of that yet.
“I would say just stay tuned. The next five to six weeks are going to be critical as all these negotiations happen in the committees of jurisdiction. You’ll hear lots of rumors and lots of talk, but we’ll see where it all lands. We’ve got to build consensus. Remember, I’ve got to get 218 votes in the House, and we’ve got to get 51 votes in the Senate. So you can be assured that there’ll be a comfort level for everyone before we move that bill to the floor.”
A Treasury Department spokesperson told Bloomberg: “[Treasury Secretary Scott Bessent] has made crystal clear the need for quick action towards making President Trump’s tax cuts permanent. The secretary continues to encourage Congress to move quickly on a tax bill.”
Representative Andy Harris told Semafor: “If we slightly increase the rate on the highest earners or create a million-dollar earner bracket that’s a little bit higher than the current highest level, I’d be OK with that.”
President Donald Trump posted on Truth Social: “Congratulations to the House on the passage of a Bill that sets the stage for one of the Greatest and Most Important Signings in the History of our Country. Among many other things, it will be the Largest Tax and Regulation Cuts ever even contemplated. MAKE AMERICA GREAT AGAIN!”
What Happens Next
Johnson said he hoped to pass Trump’s agenda through one large reconciliation package before Memorial Day, which falls on May 26.
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