Trump named the reason for the possible flight of the wealthy from the USA

Trump warns: raising taxes on millionaires could cause "wealth drain" from the US

US President Donald Trump issued a sharp warning about the possible consequences of raising taxes for wealthy Americans, stating that such a measure could lead to a mass relocation of millionaires to other countries.

As reported by TUT.AZ with reference to Bloomberg, the White House head emphasized that similar practices in other states have led to negative consequences.

According to Trump, countries that resorted to raising taxes for the wealthy ultimately lost wealthy citizens, which resulted in a serious blow to the economy, since this category of the population provides significant tax revenues. The President characterized such a policy as "destructive."

The statement came amid active discussions among Republicans about a possible increase in the tax rate from 37 to 40 percent for Americans with incomes of one million dollars or more. Some of Trump's party members believe that such a move could be a winning strategy in the political confrontation with Democrats before the midterm elections. Democrats regularly criticize Republicans for creating tax breaks for the wealthy at the expense of less affluent segments of the population. However, the Republican Party leadership rejected the idea of raising taxes. House Speaker Mike Johnson said that Republicans (often called "elephants" after the party symbol) would oppose this initiative.

Meanwhile, economic calculations show that introducing a 40 percent tax rate on incomes over one million dollars could bring about 400 billion dollars to the US federal budget over the next decade.