Trump warns: Raising taxes on the wealthy will trigger a "wave of exodus of the rich"

President Donald Trump told reporters in the Oval Office on Wednesday that higher taxes on millionaires would spur the wealthiest Americans to leave the country, playing down an idea being discussed in some Republican circles as a way to pay for an economic plan. "I think it's going to be very disruptive because millionaires are going to leave the country," Trump said. "Other countries that have done this have lost a lot of rich people. It's bad because the rich are paying taxes." Trump's comments are likely to pour cold water on talk of a new 40 percent tax rate for people earning $1 million or more a year. Some Republican members of both the House and Senate have said they are willing to tax high earners to help pay for other parts of Trump's agenda, including proposals to end the tipping and overtime taxes.