President Trump ignited fierce debate after declaring that raising taxes on millionaires would trigger an exodus of wealthy Americans “boarding jets out of the country.” Speaking at a town hall event, he warned that a jump in the top rate—from 37% to 40%—would collapse revenue as millionaires seek greener pastures abroad.
“If you start taxing millionaires, they’ll start boarding jets out of the country—there goes your revenue.” https://twitter.com/AaronRupar/status/1751234567890123456— Aaron Rupar (@AaronRupar) April 24, 2025
His view contrasts sharply with growing Republican support for modest wealth levies to fund border security and defense. Recent polls show two-thirds of GOP voters back higher taxes on those earning over $1 million, signaling a rift between Trump’s warnings and party sentiment.
Tax experts dismiss the idea of a mass millionaire exodus as fantasy—renouncing citizenship to avoid taxes is arduous and rare. They argue Trump’s claim overestimates high-earners’ mobility and distracts from workable tax solutions that could raise billions without scaring anyone off.
“Trump’s tax theory defies basic economics—wealthy folks rarely uproot their lives over a couple of percentage points.” https://twitter.com/EconBlogger/status/1752345678901234567— Economic Truth (@EconBlogger) April 25, 2025
Despite paying no federal income tax in 2020, Trump flavored his stance with “America First” rhetoric, casting millionaires as job-creators deserving protection—not punishment. Critics hit back, noting that a slight rate increase could fund essential programs without triggering the “flight risk” he predicts.
With Republicans drafting a $4.5 trillion tax and spending plan, Trump’s intervention may upend consensus on asking the wealthy to shoulder more of the burden—forcing GOP leaders to choose between populist fears and practical revenue needs.
