Donald Trump rejects idea of raising taxes on millionaires [View all]

Source: USA Today

WASHINGTON – President Donald Trump appeared to rule out a proposal to raise taxes on millionaires, arguing they would flee the country over the policy.

"I think it would be very disruptive because a lot of millionaires would leave the country," Trump told reporters in the Oval Office on April 23. "You'll lose a lot of money if you do that."

Trump allies such as Steve Bannon have supported raising taxes on the rich, but the president hadn't taken a position. Trump has suggested tariffs could potentially replace the income tax, even though economists warn that tariffs raise far less revenue and fall harder on lower-income households.

The president's comments came at the start of contentious negotiations with Congress over how much to spend on the federal government.

Read more: https://www.yahoo.com/news/donald-trump-rejects-idea-raising-222713837.html