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On Wednesday, local time, U.S. President Trump stated to reporters in the Oval Office that imposing higher tax rates on millionaires would drive the wealthiest people in America to leave the country. He downplayed a notion being discussed in some Republican circles that this is a way to pay for an economic plan. Trump said, "I think this would be very destructive because millionaires will leave this country." "Other countries that have done this have lost a lot of wealthy people. That’s bad because the wealthy pay taxes." Trump's comments may dampen discussions about establishing a new 40% tax rate for individuals earning $1 million or more annually. Some Republican members of the House and Senate have expressed willingness to tax high earners to help fund other parts of Trump's agenda, which includes proposals to eliminate tips and overtime taxes.
