Former House Speaker Gingrich cautioned that a tax increase could lead to political disaster, recalling the repercussions of George Bush's broken no-new-taxes pledge during his 1992 campaign.

The GOP faces a critical juncture as the expiration of substantial tax cuts from the 2017 tax law looms, complicating their fiscal strategy amid rising national debt.

A recent Pew Research Center poll indicates that a majority of U.S. adults, including a notable portion of Republicans, support tax increases on households earning over $400,000.

Democrats, including House Minority Leader Hakeem Jeffries, have criticized House Republicans for failing to address the rising cost of living and for prioritizing tax cuts for the wealthy.

Critics argue that simply taxing income will not effectively address economic inequality, as wealth accumulation from capital gains remains largely untaxed unless specific measures are taken.

President Donald Trump is currently weighing a tax increase on millionaires, a proposal that has sparked significant opposition among many Republicans, creating a rift within the party.

Despite this opposition, moderate Republicans like Senator Chuck Grassley and Representative Andy Harris advocate for targeted tax increases on high earners to fund essential programs such as Social Security and to help reduce the national debt.

While some GOP leaders, including Vice President JD Vance, have shown openness to the idea of tax increases, this has raised concerns among conservatives ahead of the upcoming 2028 GOP presidential primaries.

The proposed tax package aims to extend these tax cuts, but without congressional action, the top individual tax rate could rise from 37% to 39.6%.

Opposition to the tax hike is strong among key Republican figures, including House Speaker Mike Johnson and former House Speaker Newt Gingrich, who argue that it contradicts the party's anti-tax principles and could hinder economic growth.

Former Trump strategist Stephen Bannon and his supporters propose a top tax rate of around 40% for millionaires, arguing it could generate significant revenue to address the federal deficit.

As negotiations intensify before a critical vote expected before Memorial Day, the ongoing debate within the GOP highlights the ideological struggle between economic populism and fiscal conservatism.