Bannon suggests 44% tax rate for wealthy

Southern Dad

Former Staff
Feb 2015
40,600
8,540
Shady Dale, Georgia
I'm betting that if this gets purposed, that not one Democrat will vote for it. Not one Democrat will even vote to begin debate on it.
 
Jun 2014
51,360
53,123
United States
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.
Absolutely, along with telephone taxes and other regressive changes in our tax code. There is class warfare taking place here in the good ole USA, and anyone with a lick of sense can see which class has been winning.
 
  • Like
Reactions: 1 person
Jul 2013
59,006
65,599
Nashville, TN
Write your representatives and dare them to offer it up in a clean bill. Then we can see what happens.
They will pair the 44% with a zero on cap gains and inheritance taxes. Then all the billionaires will take their income in the tax exempt form. The usual deal where they get out of paying through a Republican loophole.
 
  • Like
Reactions: 3 people
May 2017
49
22
Los Angeles
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
"According to IRS data, just over 43,000 people filed tax returns for the year 2014 claiming income of at least $5 million, accounting for $600 billion in taxes, or 8.8 percent of the total taxes paid.

"The new rate would only apply to about a third of that money, as the 44 percent kicks in at the $5 million level. Still, the hike would pull in around $18 billion per year, or $180 billion over 10 years."

https://theintercept.com/2017/07/26/steve-bannon-pushing-for-44-percent-marginal-tax-rate-on-the-very-rich/

Trump has been fairly consistent (for him) in calling for raising taxes on the very rich.
Perhaps Bannon's proposal will provide him with an opportunity to walk his talk?
 
  • Like
Reactions: 1 person