President Donald Trump warned on Wednesday that the increase in the tax rate of income greater than 40% would push the rich Americans to leave the country.
“It would be very disruptive because the millionaires would leave,” said Trump journalists in the oval office. “Other countries that have done it have lost many people. They lose their rich. It will be bad because wealthy people pay the tax. ”
Trump's commentary comes when some GOP legislators consider a 40% levy on annual income greater than $ 1 million to help cover an economic plan that also seeks to eliminate taxes on advice and overtime.
Supporters say that the idea could blunt democratic affirmations that Republicans promote the rich to low -income families.
Chamber Mike Johnson reported little appetite for the move. “I am not in favor of increasing tax rates,” said Johnson on Fox News Earlier Wednesday, adding that it “does not expect a republican bill includes higher income taxes over the millionaires. “Our party is the party that traditionally opposes it.”
The anti-fiscal groups inside the party have already mobilized. On Tuesday, former President Newt Gingrich posted on X that he had received a message from Trump arguing that higher prices could harm Republican candidates in the polls.
I received an interesting note from the president. pic.twitter.com/cgqvdrhwu
– New Gingrich (@newtgingrich) April 22, 2025
Legislators say the tax would generate $ 400 billion in 10 years
However, some legislators see the proposal as a budgetary tool. Non -governmental estimates suggest that a rate of 40% on income beyond $ 1 million would generate around $ 400 billion over 10 years – money planners could add $ 500 per year to children's tax credit.
The current higher income rate is 37%, a level set by Trump's 2017 tax law. Unless the congress agrees, this rate will return to 39.6 percent when the individual provisions of this law are forfeiture at the end of 2025.
Members will return to Washington next week to discuss the details of the wider package. Johnson is committed to sending a measure in the house at the end of May.
The debate happens as the Republicans are looking for a message before the mid-term elections in November. Millionaire support donors argue that targeted increase could undermine the attacks that the party plans to reduce social programs to finance cuts elsewhere. Critics say that the opening of the door at higher prices will encourage the migration of wealth.
The question of whether the idea of 40% survives in camera talks can depend on the force of Trump's warning, and how managers are content to finance their program.
Cryptopolitan Academy: Do you want to develop your money in 2025? Learn to do it with DEFI in our next webclass. Record your place
