Steve Bannon is also pushing for tax reform. But will his idea of reform benefit the working class, or the top 1%?
Bannon Pushes for Top Marginal Tax Rate
Bannon is pushing for a new 44% top marginal tax rate which hits people who earn more than $5 million a year. The revenue will pay for tax cuts for the rest according to 3 people who recently spoke with the White House adviser. The top rate currently stands at 39.6% and most Republicans are planning on lowering it significantly as part of the tax reform overhaul. The plan Trump previously mapped out had only three brackets with the top one being brought down to 35%. In all honesty, pretty sure they don’t pay anything close to that percentage.
Raising taxes on the rich has been something Trump has spewed about throughout his life, not just in his presidential campaign. On Tuesday he told the Wall Street Journal “If there’s an upward revision it’s going to be on high-income people.” Do you seriously expect us to believe you’re going to raise taxes on yourself? Yeah, right. Sarah Huckabee Sanders said she knows people who have told her, “I don’t mind paying more tax.” Who would honestly say that? Who?
Bannon had previously said he wanted to raise the rate to “something with a four in front of it” and has called himself an “economic nationalist.” This hike on the rich would favor the Democrats but royally anger the Republicans. According to IRS data, over 43,000 people filed tax returns for 2014 claiming income of over $5 million a year. What I wanna know is where are they and why aren’t they sharing the wealth?
So, what do you think about this and how many of you think he’s lying through his teeth?