Trump "protects" the rich - Refuses to raise taxes on millionaires to prevent their exodus
President Donald Trump said he doesn't want to raise taxes on the wealthy because he's afraid they'll leave the country. When a reporter asked Trump if he would "support a tax on millionaires," the president said it would be "devastating because a lot of millionaires would leave the country" thanks to modern transportation.
"You know, in the past, they would leave the states," Trump said from the Oval Office. "They would go from one state to another within the United States. Now, with transportation so fast and so easy, they will leave the United States." He added: "We lose a lot of money if we do that. And other countries that have done it have lost a lot of people. That would be bad because rich people pay taxes."
Many attractive countries that might attract wealthy Americans have their own taxes that new residents will have to pay, including some with tax rates significantly higher than the U.S. If millionaires retain their U.S. citizenship and simply live and work abroad, they will still be required to pay U.S. taxes.
Trump's comments mark a turnaround from just a few weeks ago, when he told Senate Budget Committee Republicans that he would be open to raising taxes on the nation's highest earners.
White House officials were even considering the possibility of allowing a tax increase for wealthy Americans in exchange for lowering taxes on tips.
Some Republicans have considered raising the top tax rate for millionaires to about 39-40 percent, from 37 percent. The tax rate was 39.6 percent before Trump's tax law in his first administration in 2017 cut corporate taxes to 21 percent and benefited mostly the wealthy.
Renewing the law, which expires this year, along with new tax cuts, is expected to add $4 trillion to the growing debt. Some moderate Republicans argue that taxes on high-income earners could reduce the national debt without hampering economic growth.
Trump has often hinted that tariffs could potentially replace the income tax, although economists warn that they bring in far less revenue and fall mostly on poor families, who pay the additional costs passed on by American importers.
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