Featured Image Credit: Chip Somodevilla/Getty Images
Topics: Donald Trump, Politics, US News
Joe Yates
Topics: Donald Trump, Politics, US News
While some of the Republican party pushing for heavier taxes to be placed on millionaires, President Donald Trump has all but thwarted any attempt to do so.
The 78-year-old who, according to Forbes, has a net worth of $5.1 billion, has sparked a debate after giving a controversial reason as to why he doesn't support millionaire tax.
Of course, the Republican himself has been involved in a tax scandal himself, with his personal financial records having been disclosed following a court order, which revealed that he didn't pay any tax in 2020.
Back in 2016, the year he was elected as president to serve his first term, the billionaire contributed just $750 to the American infrastructure, paying the same sum the following year, though in his third year, he paid $1 million.
Advert
In 2022, The Trump Organization was convicted of tax fraud with a case brought by the Manhattan District Attorney, which found a significant repudiation of financial practices at the former president’s business.
The Trump Organization had been accused of being part of an illegal plot by top bosses to avoid paying personal income tax. This involved them being receiving off-the-books perks such as rent-free apartments and luxury cars.
However, Trump himself was not personally on trial, although prosecutors were clear that they believed he was well aware of what was going on.
Now, after being asked by a reporter in the Oval Office whether he would support a millionaire tax, he replied: "I think it would be very disruptive because a lot of the millionaires would leave the country, you know in the old day, they left the States, they go from one state to the other now, with transportation so quick and so easy, they leave countries.
"You'll lose a lot of money if you do that, and other countries that have done that have lost a lot of people, they lose their wealthy people that would be bad because their wealthy people pay the tax."
The question was raised as some Republican party members were considering raising the top tax rate for millionaires by up to three percent.
It currently stands at 37 percent, with the proposals believed to be to hike it up to around 39 percent to 40 percent.
Reacting to the president's comments on Twitter, one user posted: "If taxing the rich makes them leave, we finally found an affordable deportation strategy."
While a second typed: "No, no they won’t. If they wanted to live in other countries they would. The reason they live in the US is for the defense we have, the security, and the access to the US economy."
"Millionaires leaving because of taxes? Great, more room for people who actually believe in investing in the country, not just extracting from it," added another.