Trump Slams ’Millionaire Tax’—Warns of Capital Flight Exodus

Billionaire ex-president cries foul over proposed wealth levy, claiming it’ll send the rich packing—because nothing scares oligarchs like paying their fair share. (Except maybe a subpoena.)

Lawmakers say the tax would generate $400 billion in 10 years

Still, some lawmakers see the proposal as a budget tool. Non-government estimates suggest a 40 percent rate on income beyond $1 million would generate roughly $400 billion over 10 years—money planners say could add about $500 a year to the child taxation credit.

The current top income rate is 37 percent, a level set by Trump’s 2017 taxation law. Unless Congress acts, that rate will revert to 39.6 percent when the individual provisions of that law lapse at the end of 2025.

Members will return to Washington next week to discuss the details of the wider package. Johnson has pledged to send a measure through the House by the end of May.

The debate arrives as Republicans seek a message before the November midterm elections. Backers of the millionaire bracket argue that a targeted increase could undercut attacks that the party plans to trim social programs to finance cuts elsewhere. Critics say that opening the door to higher rates will encourage wealth migration.

Whether the 40 percent idea survives the closed-door talks may hinge on how strongly Trump’s warning resonates–and on how leaders settle on ways to fund their agenda.

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