President Trump has rejected a proposal to increase the tax rate on millionaires to 40% from the current 37% as part of funding efforts for his ambitious agenda, fearing it could lead to an exodus of wealthy individuals from the country. While some Republicans support the idea, there is notable division within the party. The proposed tax increase could yield substantial revenue, but Republicans are facing challenges in balancing tax cuts and spending increases amidst concerns of rising fiscal deficits, especially with a notable $1.8 trillion deficit reported last fiscal year.
"I think it would be very disruptive because a lot of the millionaires would leave the country," Trump stated, explaining his concerns regarding a proposed tax increase.
"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," Trump elaborated.
Republicans are grappling with a tricky arithmetic problem in trying to fund the sweeping 'big, beautiful' agenda package they are pursuing that includes tax cuts and enhanced spending.
House Speaker Mike Johnson expressed reluctance towards the tax increase proposal, stating, 'I'm not a big fan of it,' reflecting the divided opinions among Republican lawmakers.
Collection
[
|
...
]