Bannon suggests 44% tax rate for wealthy

Mar 2012
55,568
37,055
New Hampshire
#1
White House chief strategist Steve Bannon supports paying for middle-class tax cuts with a new top rate of 44 percent for Americans who make more than $5 million a year, according to a person familiar with his thinking.

It’s unclear whether President Donald Trump would support the move, which would bring the top rate, currently 39.6 percent, to the highest level in 30 years. Trump has said he’s focused on tax changes that would help the middle class, but an analysis this month of the tax outline the White House released in April shows it would mostly benefit top earners. White House officials and congressional leaders have been meeting weekly to agree on a framework to rewrite the tax code. So far, they haven’t announced any decisions on how deeply to cut tax rates or whether the lost revenue should be offset, and how.

During the 2016 presidential campaign, Democratic nominee Hillary Clinton had proposed a 4 percent surcharge on Americans making more than $5 million annually. It was part of a set of proposals that her campaign said would ensure the wealthy paid a higher effective tax rate than the middle class.

https://www.bloomberg.com/news/arti...to-call-for-44-tax-on-incomes-above-5-million
 

Southern Dad

Former Staff
Feb 2015
40,333
8,436
Shady Dale, Georgia
#2
This will be an interesting discussion. I believe this is something that the left has called for many times. Will they oppose it because someone in Trump's Administration is calling for it?
 
Likes: 1 person

webrockk

Former Staff
Nov 2009
30,355
11,018
on the river
#3
They're all the same. put them in DC and they start trying to finance their benevolence via wholesale theft.

I would plan a vacation around watching DC burn to the ground.
 
Jun 2014
46,583
46,329
United States
#4
That's less than half of the marginal tax rate that existed in the 1960s, when the US was a world leader in manufacturing and in quality of life among our middle class.
 
Likes: 4 people
Mar 2012
55,568
37,055
New Hampshire
#5
That's less than half of the marginal tax rate that existed in the 1960s, when the US was a world leader in manufacturing and in quality of life among our middle class.
True but we had way more deductions. Even into the 80s one could take the deduction for credit card and car loan interest. We cant do that anymore.
 
Likes: 1 person

Southern Dad

Former Staff
Feb 2015
40,333
8,436
Shady Dale, Georgia
#7
Let's face it, the Democrats would love a rate of 100% but know that it won't happen. 90% isn't going to happen, 80% isn't going to happen.
 

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