Former Vice President Mike Pence has a message for his former boss, President Donald Trump. He’s urging Trump not to raise tax rates for wealthy Americans. The Tax Cuts and Jobs Act, which Trump signed into law in 2017, has been a hallmark of his first term, but it’s set to expire soon unless Congress decides to extend it.
In recent weeks, various Republicans within Trump’s administration and Congress have been considering allowing the wealthy tax cuts to lapse in order to finance further tax cuts and other expensive initiatives for a potential second term.
According to sources, Trump has recently encouraged House Speaker Mike Johnson to consider raising taxes on high-income earners as part of the broader budget negotiations. During a call, Trump expressed a desire to increase the top tax rate for individuals earning over $2.5 million, moving it from 37% to 39.6%. This information was first reported by Punchbowl News.
Meanwhile, Pence, known for his fiscal conservatism during his political career, has strongly warned against any increases on the wealthiest Americans. He commented that such suggestions could lead to an enormous tax hike for small business owners across the country and asserted, “We need to disagree.”
In an exclusive interview, Pence emphasized the issue further, stating that many individuals reporting incomes of over $1 million are just business owners filing as individuals. He argued for making all of Trump’s tax cuts permanent to foster economic growth.
Pence shared his thoughts while attending a ceremony in Boston, where he was honored with the John F. Kennedy Courage Award. He reflected on Trump’s previous accomplishments, including achievements in border security and military morale. However, he voiced concerns about Trump straying from conservative principles, emphasizing the need to uphold values such as low taxes and strong defense for the country’s prosperity.
