President Donald Trump has urged House Speaker Mike Johnson to be open to some tax increases on the wealthiest Americans as part of an overall budget reconciliation package. (Andrew Harnik/Getty Images)
And the president, during a Wednesday phone call, pushed House Speaker Mike Johnson to raise taxes on the highest income earners and close the carried interest loophole in the reconciliation process, Fox News Digital confirmed. The development was first reported Thursday by Punchbowl News.
A source familiar with Trump's thinking said Trump is considering allowing the rate on individuals making $2.5 million or more to increase by 2.6%, from 37% to 39.6%.
But Pence, a fiscal conservative and budget hawk during his long political career in the House of Representatives, as Indiana governor and as vice president, strongly cautioned against upping the rates on the highest earners.
"Any suggestion that I've heard among some in and around the administration that we raise the top margin rate, the so-called millionaires tax, would be an enormous tax increase on small business owners across America," Pence said. "It needs to be opposed."
WHAT MIKE PENCE TOLD FOX NEWS IN AN EXCLUSIVE INTERVIEW THIS WEEK
Former Vice President Mike Pence shakes hands with then-President-elect Donald Trump before a state funeral service for former President Jimmy Carter at the Washington National Cathedral on Jan. 9, 2025. (MANDEL NGAN/POOL/AFP via Getty Images)
He also praised Trump "not only for his victory, but for securing our southern border, for restoring morale and recruitment in our military, for taking the fight to the Houthis."
CLICK HERE TO GET THE FOX NEWS APP
But he argued that "I truly do believe that some of the other steps the president is taking away from that conservative agenda should be a concern that would work against his legacy and ultimately the success of our party or our country. And so we're going to continue to be a voice against them.
"I really do believe that for prosperity … for the success of our country, we need to stick to those time-honored principles of strong defense, American leadership on the world stage, less government, less taxes, traditional moral values and the right to life, and I’m going to be a voice for that," Pence added.
Paul Steinhauser is a politics reporter based in the swing state of New Hampshire. He covers the campaign trail from coast to coast."
https://www.foxnews.com/politics/trumps-first-vice-president-urges-his-old-boss-against-raising-taxes-wealthy-americans