Amid growing support within the Republican Party for increased taxes on millionaires, former President Donald Trump has pushed back, sparking fresh debate with a controversial explanation for his opposition.
The 78-year-old, whose net worth is estimated at $5.1 billion according to Forbes, recently reignited public discourse by defending his stance against a millionaire tax—a position critics argue serves his personal financial interests.
Trump’s tax history has also fueled the controversy. His personal financial records, released under court order, revealed that he paid no federal income tax in 2020. During his first year in office in 2016, he contributed just $750 in federal taxes—a figure he repeated in 2017. In 2018, his tax contribution increased to $1 million.
The revelation has intensified scrutiny over his fiscal policies, especially as some within his own party begin to shift toward taxing the ultra-wealthy.
President Donald Trump has explained he does not support a millionaire tax (Andrew Harnik/Getty Image
In 2022, The Trump Organization was convicted of tax fraud with a case brought by the Manhattan District Attorney, which found a significant repudiation of financial practices at the former president’s business.
The Trump Organization had been accused of being part of an illegal plot by top bosses to avoid paying personal income tax. This involved them being receiving off-the-books perks such as rent-free apartments and luxury cars.
However, Trump himself was not personally on trial, although prosecutors were clear that they believed he was well aware of what was going on.
Now, after being asked by a reporter in the Oval Office whether he would support a millionaire tax, he replied: “I think it would be very disruptive because a lot of the millionaires would leave the country, you know in the old day, they left the States, they go from one state to the other now, with transportation so quick and so easy, they leave countries.
Trump pictured back in 2023 leaving the courthouse after attending his tax trial (ALEX KENT/AFP via Getty Images)
“You’ll lose a lot of money if you do that, and other countries that have done that have lost a lot of people, they lose their wealthy people that would be bad because their wealthy people pay the tax.”
The question was raised as some Republican party members were considering raising the top tax rate for millionaires by up to three percent.
It currently stands at 37 percent, with the proposals believed to be to hike it up to around 39 percent to 40 percent.
Reacting to the president’s comments on Twitter, one user posted: “If taxing the rich makes them leave, we finally found an affordable deportation strategy.”
While a second typed: “No, no they won’t. If they wanted to live in other countries they would. The reason they live in the US is for the defense we have, the security, and the access to the US economy.”
“Millionaires leaving because of taxes? Great, more room for people who actually believe in investing in the country, not just extracting from it,” added another.
