Sources: Trump Urges House Speaker to Raise Top Tax Rate

According to insiders on Thursday, U.S. President Trump urged House Speaker Johnson in a call on Wednesday to raise the top tax rate and close the carried interest tax loophole in upcoming legislation. This call comes as the Republican-controlled House pushes the president's legislative agenda, which aims to extend the benefits of the Tax Cuts and Jobs Act introduced by Trump in 2017 for businesses and individuals, while eliminating taxes on tip income, overtime pay, and Social Security benefits. Johnson and other Republican leaders are currently resisting proposals to increase tax rates for the wealthy. Treasury Secretary Besant made it clear to reporters last week that Trump has ruled out this idea. However, Republicans still face pressure from MAGA supporters to limit tax breaks for the wealthy and corporations. House Ways and Means Committee Chairman Jason Smith recently revealed in an interview that the tax legislation body he leads may take action to close tax loopholes that benefit the wealthy.