President Trump's stance on raising taxes on the rich

SOURCE www.breitbart.com
President Trump said it would be 'OK' if Republican lawmakers raised taxes on the rich but warned against it due to potential backlash from Democrats. Reports suggest Trump is considering allowing the tax rate on individuals making $2.5 million or more annually to revert from 37% to 39.6% to protect Medicaid. He previously stated that a millionaire tax would be 'disruptive' as wealthy individuals might leave the country.

Key Points

  • Trump supports the idea of Republicans raising taxes on the rich
  • He warned against it due to potential political ramifications
  • Reports suggest a consideration of reverting the tax rate for high earners to 39.6%

Pros

  • Potential revenue increase for government programs
  • Possibility of funding middle- and working-class tax cuts

Cons

  • Risk of millionaires leaving the country
  • Political backlash from the Radical Left Democrats