President Donald Trump has dismissed rumors regarding potential tax increases for high-earning individuals, emphasizing that such moves could lead to wealthy individuals leaving the country, thus harming tax revenue. Trump confirmed his stance during a recent meeting with Republican senators, highlighting the dangers of disrupting the current tax structure. He articulated concerns that allowing previous tax cuts to expire for higher earners would be counterproductive, making the case that wealthy taxpayers play a crucial role in the economy. The administration is focused on extending the existing tax cuts rather than exploring hikes.
"I think it would be disruptive because a lot of the millionaires would leave the country. You lose a lot of money if you do that."
"Now, with transportation so quick and so easy, they leave countries. That would be bad because the wealthy people pay the tax, ok?"
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