Trump Rejects Millionaire Tax Increase Proposal

President Trump and House Speaker Mike Johnson have publicly rejected proposals to increase taxes on Americans earning over $1 million annually, ending recent Republican discussions about raising the top tax rate to address the deficit. Trump warned that such a tax hike would be 'very disruptive,' arguing it could prompt wealthy individuals to leave the country, ultimately reducing tax revenue. Johnson likewise emphasized that the Republican Party traditionally opposes tax increases and reaffirmed the party's commitment to preventing what he called 'the largest tax increase in US history.' The idea of raising the top tax rate—potentially to 39.6% or even 40%—had been considered by some Republicans as part of negotiations over a broader tax-and-spending bill. Trump’s statements followed weeks of internal debate within GOP circles, with some advisers reportedly open to the concept, but his comments appear to have closed the door on the measure for now.