Trump, Johnson Squelch Talk Of Tax Hike For Wealthiest Americans

President Donald Trump and House Speaker Mike Johnson on Wednesday came out against a tax hike on the wealthiest Americans — likely putting the nail in the coffin of the idea.

Trump told reporters in the Oval Office that he thought the idea would be “very disruptive” because it would prompt wealthy people to leave the country.

“You know, the old days, they left states. They go from one state to the other. Now with transportation so quick and so easy, they leave countries. You lose a lot of money if you do that, Trump said.

Johnson separately knocked the idea earlier in the day, saying that he is “not in favor of raising the tax rates because our party is the group that stands against that traditionally.”

“There were lots of ideas thrown out on the table along this process over the last year, but I would just say for everybody, just wait and see,” Johnson said on Fox News.

Talk of raising taxes on the wealthy has gotten more serious among some Republicans as they struggle for ways to pass the President Donald Trump’s policy agenda. But Trump and Johnson weighing in against it likely means that the GOP will start looking elsewhere for savings.

The House plan allows for $4.5 trillion in spending on tax cuts. If the GOP can’t muster $2 trillion in corresponding spending cuts, the House’s budget blueprint requires that Republicans also scale back their tax cuts.

Johnson said he’s not expecting a tax hike for the wealthiest Americans to be included in the sweeping bill Republicans are preparing to enact Trump’s domestic policy agenda.

“We have been working against that idea. I’m not in favor of raising the tax rates because our party is the group that stands against that traditionally,” he said, when asked about reports that the Trump administration was looking at the idea. “There were lots of ideas thrown out on the table along this process over the last year, but I would just say for everybody, just wait and see.”

Johnson also said he and House Majority Leader Steve Scalise (R-La.) had a conference call with the 11 House GOP committee chairs on Wednesday to discuss the next steps for Trump’s “big beautiful bill.” House leadership is planning for the committees to hold a slew of markups when Congress returns from its April recess.

“What you’ll see over the next four weeks is the pieces, the various components of that bill, are rolling out of these committees,” Johnson said.

“We are pushing it very aggressively on schedule, as you said, to get it done by Memorial Day,” he added, citing the need to tame stock market instability and move resources for the border.

Trump's and Johnson's comments come as congressional Republicans have been openly mulling letting the income tax rate for the highest-earning taxpayers to revert to 39.6 percent from 37 percent. Allowing the lower rate expire as planned at the end of the year would help the GOP save north of $300 billion on their party-line bill.

The legislation would include an extension of trillions of dollars in expiring tax cuts and other breaks proposed by Trump, along with funding for border security, energy policies and defense.

Prominent conservatives, including former House Speaker Newt Gingrich, have come out of the woodwork to pan the idea of boosting taxes on the rich.