Wednesday, July 26, 2017

Steve Bannon Pushing For 44 Percent Marginal Tax Rate On The Very Rich

Steve Bannon Pushing For 44 Percent Marginal Tax Rate On The Very Rich: Top White House adviser Steve Bannon is pushing for tax reform to include a new 44 percent top marginal tax rate, hitting people who earn more than $5 million a year, with the revenue paying for tax cuts for the rest, according to three people who’ve spoken to him recently.

The top rate is now 39.6 percent and most Republicans have been planning to lower it significantly as part of tax reform. The plan Trump put out previously would have only three brackets, with the top one brought down to 35 percent.

Raising taxes on the very rich has been a rare policy that President Donald Trump has publicly espoused throughout much of his life. On Tuesday, he told the Wall Street Journal, “if there’s upward revision it’s going to be on high-income people.”

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