House Speaker Mike Johnson has recently spoken out about a possible tax change that could impact America’s wealthiest individuals. During an interview with Fox News’ Maria Bartiromo, Johnson said he is not a fan of raising the top tax rate for millionaires to 40 percent. He explained that while talks are still ongoing, he wouldn’t place any bets on those kinds of proposals becoming law.
The discussion is happening as lawmakers work to move forward with former President Donald Trump’s tax plan. Some Republican leaders, along with Trump, are considering raising taxes on high-income earners to help pay for other parts of the tax package. This move, while not typical for the GOP, is gaining some attention and raising eyebrows. It would bring the top tax rate from the current 37 percent to around 39 or 40 percent for people making more than $626,350 a year.
What makes this even more interesting is that this proposal looks similar to what progressive lawmakers like Alexandria Ocasio-Cortez and Bernie Sanders have been pushing for. Both of them are traveling across the country promoting the idea of taxing the super-rich through their “Fighting Oligarchy” tour.
Still, Johnson isn’t on board with this idea. Speaking on Fox News, he said the Republican Party believes in lowering taxes for everyone, not raising them. He added that over the next few weeks, there will be many discussions and rumors about what direction Congress will take with Trump’s plan, but nothing is certain yet.
The House recently passed a budget bill that includes massive cuts to taxes and government spending. This is part of Trump’s larger plan to reduce costs and advance his agenda. He wants to sign what he calls his “big, beautiful bill” into law as soon as possible.
Reports from Bloomberg and Semafor suggest that Trump has told Republican senators he might support raising tax rates on the wealthy. Representative Andy Harris from Maryland, who leads the House Freedom Caucus, also said he’s okay with a slight increase for those earning over a million dollars a year. He believes creating a new bracket for high earners could work, even if it’s a bit higher than the current top rate.
Despite this, Johnson remains firm in his stance. He said the GOP will always push for tax cuts, and any final plan will need enough support in both the House and Senate before it goes anywhere. He reminded people that getting bills passed is a numbers game—he needs 218 votes in the House and 51 in the Senate to move forward.
He told Fox News: “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.”
Johnson also said the next five to six weeks will be key as lawmakers work through the committees to find a path forward. He encouraged everyone to stay tuned, saying there will be many rumors, but nothing will move forward without full agreement from both sides.
A spokesperson from the Treasury Department added that Treasury Secretary Scott Bessent is pushing for quick action to make Trump’s tax cuts permanent. They are encouraging Congress to act fast on the tax bill.
Meanwhile, Trump took to his social media platform, Truth Social, to celebrate the recent budget bill passed by the House. He called it a historic moment and said it sets the stage for major tax and regulation cuts.
He posted: “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!”
Looking ahead, Johnson said the goal is to pass Trump’s full agenda through one large reconciliation package before Memorial Day, which falls on May 26. This means all the pieces of the tax and spending plan would come together in a single vote, making it easier to pass without full support from Democrats.
In the coming weeks, Congress will debate how to shape the future of America’s tax policy. The outcome could have a big impact on the wealthiest Americans and the country’s economy as a whole. Whether or not a higher tax rate for millionaires becomes part of Trump’s final package remains to be seen.
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