Trump's Proposed Millionaires Tax Draws Fierce GOP Pushback: 'Doing So Would Be Political Death,' Experts Caution

President Donald Trump‘s support for a tax increase on millionaires, a move that has sparked controversy and political debate among Republicans and conservatives.

What Happened: In a discussion with Time magazine on Tuesday, Trump revealed his inclination towards increasing the marginal tax rate for those earning more than a million dollars per year. This viewpoint has sparked outrage among traditional conservatives and business circles, while some of Trump’s congressional allies have shown a willingness to consider the idea, contingent on Trump’s endorsement, reported The Hill on Monday.

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Grover Norquist, president of Americans for Tax Reform, vehemently opposed the proposal, labeling it a “really bad idea” and asserting that it “ain’t happening.” He cited former President George H.W. Bush‘s political downfall following his broken "Read my lips: No new taxes” pledge as a warning for Trump, as it could result in ‘Political Death.’

A Republican strategist told The Hill, "I think it would be very disruptive, because a lot of the millionaires would leave the country…You lose a lot of money if you do that."

Senate Republicans are warning that the budget reconciliation package, which aims to secure borders, expand domestic energy production, increase defense spending, and extend the 2017 tax cuts, will not pass if it raises the tax rate on the top income bracket or introduces a new tax bracket for those earning over $1 million annually.

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Why It Matters: Trump’s comments come on the heels of an interview, where he expressed potential support for a millionaires’ tax, citing concerns about its impact on his electoral chances. The President also rejected the claim that raising taxes on the wealthy to provide more tax relief for working-class Americans would amount to a tax hike.

Despite the criticism, Trump stood by his stance, stating his intent to increase taxes on the wealthy to provide more tax relief for the working class. However, he also voiced concerns about the political repercussions of such a move, referencing past electoral defeats linked to tax hikes.

This move also follows a proposal by U.S. Senator Josh Hawley for a substantial tax cut for Americans earning less than $80,000 annually. The various proposals highlight the ongoing debate on tax reform and its implications for different income groups.

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