TRUMP SAYS MILLIONAIRES WOULD LEAVE COUNTRY IF THEY PAID HIGHER TAXES

WASHINGTON — President Donald Trump rejected proposals to increase taxes on millionaires Wednesday, warning that America's wealthiest citizens would simply leave the country if faced with higher tax rates.

"I think it would be very disruptive, because a lot of the millionaires would leave the country," Trump told reporters during an Oval Office press conference. "The old days, they left states. They go from one state to the other. Now with transportation so quick and so easy, they leave countries."

The president added, "You'll lose a lot of money if you do that. And other countries that have done it have lost a lot of people. They lose their wealthy people. That would be bad, because the wealthy people pay the tax."

House Speaker Mike Johnson (R-La.) aligned himself with Trump's position, effectively closing the door on an idea some Republicans had floated to help fund their legislative agenda.

"I would not expect that. We have been working against that idea," Johnson said Wednesday during a Fox News appearance. "I'm not in favor of raising the tax rates because our party is the group that stands against that traditionally."

Johnson added, "I don't think we're raising taxes on anybody. What we're trying to do is prevent the largest tax increase in U.S. history."

The current 37% tax rate on the highest earners is scheduled to automatically increase to 39.6% at the end of this year when major portions of Trump's 2017 tax cuts expire. Some Republican lawmakers had previously signaled openness to allowing that increase as a way to offset the deficit impact of their broader agenda, which includes tax breaks and increased spending on immigration enforcement and military programs.

The leadership's stance against tax increases comes despite polling showing substantial public support for higher taxes on wealthy Americans. A Reuters poll found that 65% of Americans support raising taxes on the wealthy to fund social programs, while a Gallup poll indicated 60% believe upper-income people pay too little in taxes.

Rejecting tax increases on high earners will likely complicate Republican efforts to craft legislation advancing Trump's priorities without dramatically increasing the national debt. Extending Trump's 2017 tax law alone is projected to cost $4.6 trillion, and Republicans are simultaneously pursuing hundreds of billions in new spending initiatives.