Bannon suggests 44% tax rate for wealthy

Mar 2012
58,671
40,166
New Hampshire
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/articles/2017-07-26/bannon-is-said-to-call-for-44-tax-on-incomes-above-5-million
 

Southern Dad

Former Staff
Feb 2015
40,607
8,541
Shady Dale, Georgia
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?
 
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webrockk

Former Staff
Nov 2009
30,474
11,091
on the river
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
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United States
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.
 
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Mar 2012
58,671
40,166
New Hampshire
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.
 
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Southern Dad

Former Staff
Feb 2015
40,607
8,541
Shady Dale, Georgia
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.
 
Jul 2013
57,985
63,912
Nashville, TN
Those deductions are irrelevant to people in the highest marginal tax bracket.
Eliminating those deductions that primarily helped the middle class was part of Reagans legacy of raising taxes on the middle class eleven times during his tenure.
 
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