House Speaker Mike Johnson has expressed opposition to the idea of raising the top tax rate on high-income earners, despite reports that some Republicans are considering such a measure to fund President Trump’s proposed agenda. In an interview on Fox News’ “Sunday Morning Futures,” Johnson stated, “We’re the Republican Party, and we’re for tax reduction for everyone, and that’s a general principle that we always try to abide by.”
The proposal under discussion involves increasing the top tax rate from 37% to between 39% and 40% for individuals earning $1 million or more annually. While some GOP members, including Freedom Caucus Chairman Andy Harris, have shown openness to this idea, Johnson and other leaders like House Majority Leader Steve Scalise remain opposed.
The debate arises as Republicans seek ways to fund a comprehensive package that includes tax cuts, enhanced energy policies, border security, and increased defense spending. Fiscal conservatives are pushing to avoid increasing the deficit, while moderates are hesitant to make deep cuts to social programs like Medicaid. Johnson emphasized the need to find alternative funding methods, stating, “We’re going to protect Medicare, Social Security and Medicaid,” and highlighting the importance of eliminating “fraud, waste, and abuse.”
The GOP aims to finalize the agenda by Memorial Day to assure financial markets and prevent the expiration of key provisions from the 2017 Tax Cuts and Jobs Act. A recently adopted budget resolution could facilitate the fast-tracking of the bill in Congress, though significant details remain unresolved.
