Particle.news
Download on the App Store
17 ARTICLES
·
5d ago

Trump Rejects Push for Millionaire Tax, Calling It 'Disruptive'

The president opposes proposals from some advisers and GOP lawmakers to raise taxes on high earners, warning it could drive wealthy individuals out of the country.

Rep. Jodey Arrington holds a copy of the Ray Dalio book How Countries Go Broke outside the Capitol Hill Club after a meeting of the House Republican Conference on Tuesday, March 25, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
Image
Steve Bannon speaks at the Conservative Political Action Conference, CPAC, at the Gaylord National Resort & Convention Center, Thursday, Feb. 20, 2025, in Oxon Hill, Md.

Overview

  • President Donald Trump publicly dismissed the idea of a millionaire tax, stating it would be 'disruptive' and lead to wealthy individuals leaving the United States.
  • Trump's comments follow internal discussions within his administration about raising taxes on Americans earning over $1 million to offset the cost of extending the 2017 tax cuts.
  • Advisers like Steve Bannon and Vice President JD Vance have expressed openness to tax hikes on high earners, but the proposal faces strong opposition from traditional conservatives and GOP lawmakers.
  • Treasury Secretary Scott Bessent has reportedly considered higher tax brackets for those earning over $5 million, though such proposals are unlikely to gain traction in Congress.
  • The debate highlights a growing ideological divide within the Republican Party, as populist factions challenge long-standing low-tax orthodoxy while fiscal pressures mount.