We were first out of the gate to warn Republicans that an income tax rate increase was bad economics and even worse politics. Now, it’s official: President Trump has officially renounced the idea.

REPORTER: Would you support a millionaire tax?

TRUMP: I think it would be very disruptive because a lot of the millionaires would leave the country. You know, in 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. 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. Okay?