Trump Rejects Millionaire Tax Plan

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Don't expect Donald Trump to jack up taxes on the rich anytime soon.
During a meeting with the media in the Oval Office on Wednesday, April 23, the commander-in-chief made it clear he won't be signing off on the right-wing proposal to enact a 40 percent rate on taxpayer earnings over $1 million a year. 
Keep reading to hear what Trump said about why he isn't keen on making wealthy people pay up…

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"I think it would be very disruptive because a lot of the millionaires would leave the country," Donald Trump told reporters via the New York Post. "In the old days, they left states. They'd go from one state to the other. Now, with transportation so quick and so easy, they leave countries. You'd lose a lot of money if you do that."
While the idea was originally floated by politicians on the right, people in the party are divided on the topic. "I'm not a big fan of doing that," House Speaker Mike Johnson explained to Fox News' Sunday Morning Futures on Sunday, April 20. "We're the Republican Party and we're for tax reduction for everyone. So, I mean, that's a general principle that we always try to abide by."

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North Dakota Republican and United States Senator Kevin Cramer was candid about the the idea of higher tax rates for rich Americans.

"It's just so fun to be a Republican these days, just to watch the transformation, where suddenly people are going — when you think about it, why do we worry so much about that?" he explained during an interview with NBC News. "So, whether it's allowing them to go up a little bit or even lowering some of the other stuff more — there's a populism growing in the party, even among those of us with powdered wigs."

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Shockingly, Donald Trump's former political advisor and continued loyalist Steve Bannon recently warned that giving tax breaks to the wealthy would only worsen the national deficit.
"No tax on tips, no tax on overtime, no tax on Social Security — without massive spending cuts or dramatic growth, the math DICTATES that you CANNOT extend the tax cuts to the upper bracket without driving an even bigger deficit," he penned in a Thursday, April 17, Gettr post.

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Earlier this month, the White House warned that Americans could face a $4 trillion tax increase if changes to the 2017 tax law, proposed by Donald Trump, end up expiring at the end of the year.
According to the administration's website, a singular citizen could see a 22 percent hike, while families of four might pay $1,700 more annually.

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Senior director of federal budget policy for the Center for American Progress, Bobby Kogan, also made clear that this would be detrimental to citizens and the economy.
"In fact, the Center for American Progress finds that the loss in earnings would eventually more than fully cancel out any financial gain from a tax cut for American households on average, leaving them worse off than if the tax cuts were allowed to expire on schedule. In other words, this plan would lower after-tax income in the long run, reducing income more than it would reduce taxes," he said in a statement via Newsweek.