President Donald Trump on Wednesday dismissed the idea of imposing higher taxes on America’s wealthiest individuals, warning such a move would lead to an exodus of high earners from the country.
His comments followed speculation, reported by Axios in March, that some within the White House had floated allowing tax cuts for individuals earning more than $609,351 and couples earning more than $731,201 to expire.
The proposal reportedly aimed to rebalance fiscal priorities but sparked strong resistance. During a press briefing in the Oval Office after signing several executive orders, Trump was asked directly, “Would you support a millionaire tax?”
“I think it would be disruptive because a lot of the millionaires would leave the country,” he said, according to Mediaite. “You know, in the old days, they left the States. They’d go from one state to the other. Now, with transportation so quick and so easy, they leave their countries. You lose a lot of money if you do that.”
He continued, “That would … and other countries that have done it have lost a lot of people. They lose their wealthy people. That would be bad because the wealthy people pay the tax, ok?”
Earlier this month, Trump appeared to leave the door open to tax increases during a private meeting with Republican senators. The shift sparked criticism from conservative figures, including Fox News host Sean Hannity, who called it a “bad” idea that would contradict Trump’s longstanding policy positions.
Trump has also floated the possibility of replacing income taxes entirely with revenue from tariffs. Speaking to Fox Noticias on April 15, he said, “There’s a real chance. There is a chance that the money from tariffs could be so great that it would replace [the income tax].”
However, experts are highly skeptical. Erica York of the Tax Foundation told USA Today, “A full replacement is absolutely, mechanically impossible. The math just doesn’t work.” Peter Navarro, Trump’s former trade adviser, suggested tariffs could generate $6 trillion over 10 years.
But the Yale Budget Lab’s estimate was significantly lower—just $2.4 trillion over the same period. Ernie Tedeschi, the lab’s director, echoed York’s assessment, stating even increased tariffs couldn’t close the revenue gap.
Despite economic skepticism, Trump’s stance found support online, where users echoed his concerns. “Truer words have never been heard,” one person wrote. Another commented, “He’s right. You can’t tax the rich. It’s an international problem not solvable nationally.”
As the 2024 election cycle heats up, Trump’s approach to tax policy—and his resistance to targeting the wealthy—appears poised to be a defining issue.
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