President Trump and House Speaker Mike Johnson have rejected a proposed tax increase on millionaires, dismissing it as harmful and contrary to Republican values.

Some GOP lawmakers had floated the idea to offset the cost of Trump’s costly legislative agenda and prevent rising deficits.

Trump argued higher taxes would drive the wealthy out of the country, while Johnson reaffirmed the party’s opposition to tax hikes, NBC News has reported.

The debate comes as key parts of Trump’s 2017 tax cuts are set to expire, and Republicans face pressure to balance tax breaks and increased spending with deficit concerns.

Written by B.C. Begley