Johnson Opposes Trump's Wealth Tax Hike Plan

House Speaker Mike Johnson expressed opposition to a proposal that would raise taxes on wealthy Americans, suggesting the GOP prefers tax reductions across the board. The proposal, supported by President Trump and some Republicans, suggested increasing the top marginal tax rate to 39.6%, targeting millionaires to fund Trump's agenda, which includes tax cuts and increased spending on defense and border security. Johnson emphasized the need for consensus within the GOP, noting the challenges in passing such measures given the slim majorities in Congress. Despite Trump's openness to the tax hike, Johnson argued for finding alternative funding sources, underscoring the Republican commitment to reducing taxes for all. Negotiations over the proposal are ongoing, with Johnson stating that the next few weeks are crucial for reaching an agreement. The fiscal debate continues as Republicans aim to avoid increasing the deficit while protecting social programs like Medicare and Social Security.