Trump posted on social media that hiking taxes on anyone, even the rich, could stir a political backlash, reviving the “Read my lips: No new taxes” warnings of the Bush-era that helped topple a president. The post came days after he floated the idea of higher taxes on those single filers earning $2.5 million and above.

Trump privately pressed Johnson to increase the tax rate on the highest earners and close the so-called carried interest loophole.

U.S. President Donald Trump privately urged House Speaker Mike Johnson during a phone call on Wednesday to raise the tax rate on the wealthiest Americans and close the carried interest loophole for Wall Street investors,