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Steve Bannon Pushing For 44 Percent Marginal Tax Rate On The Very Rich
The Intercept/Drudge ^ | 7/26/2017 | Ryan Grim

Posted on 07/26/2017 5:10:06 PM PDT by sunrise_sunset

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.


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: 115th; bannon; bannontaxes; taxandspend; taxcuts; taxes; taxreform; trump; trumptaxes; trumptaxreform; wealthy
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To: sunrise_sunset
Stories like this -- whether they're even true or not -- remind me of a real-life situation here in New Jersey last year. It was a disaster of comical proportions.

New Jersey relies so heavily on tax revenue from high-income taxpayers that they had to redo their income tax forecast when a single taxpayer moved to Florida a couple of years ago to escape the state's tax burden. The guy's name is David Tepper, a top hedge fund manager. It was estimated that he paid approximately $100 million in state income taxes every year for several years in a row.

21 posted on 07/26/2017 5:34:04 PM PDT by Alberta's Child ("I was elected to represent the citizens of Pittsburgh, not Paris." -- President Trump, 6/1/2017)
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To: sunrise_sunset

Have there been any tweets by the Trump team about this? We will see if this turns out to be true or is just fake news.


22 posted on 07/26/2017 5:36:58 PM PDT by plain talk
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To: sunrise_sunset

I don’t know if this is FAKE NEWS or not, but I am against anything that makes the income tax MORE progressive. Don’t punish success. I am for a low, FLAT tax rate with NO loopholes or deductions, that EVERYONE with an income pays, whether you make $10 or $10 million. And if you think the tax rate is too high for you, then don’t ask anyone else to pay that rate or more.


23 posted on 07/26/2017 5:37:02 PM PDT by GLDNGUN
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To: sunrise_sunset

Art laffs at the estimates of revenue this will raise...


24 posted on 07/26/2017 5:37:18 PM PDT by Paladin2 (No spelchk nor wrong word auto substition on mobile dev. Please be intelligent and deal with it....)
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To: sunrise_sunset

Bannon is disappointing on economic issues, for sure.


25 posted on 07/26/2017 5:37:50 PM PDT by 9YearLurker
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To: Sgt_Schultze

The Democrats love your idea, except one small modification of extending it down to anything over $500K.


26 posted on 07/26/2017 5:38:11 PM PDT by GnuThere
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To: sunrise_sunset

I think we should impose an entertainment tax. Its a non essential product, and most that work in that industry contribute to democrats and yelp about how the government needs to do more for the poor.


27 posted on 07/26/2017 5:39:46 PM PDT by Swirl
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To: sunrise_sunset

Since the Super Rich gave millions to Bernie and Hillary, they obviously have more money than sense, and they never met a welfare program they didn’t support, so they surely wouldn’t mind a tax rate of at least 50%. The Democrats call that “investing” In the future. The Middle Class is broke from having their pay checks robbed by government and their jobs shipped to other countries.


28 posted on 07/26/2017 5:40:39 PM PDT by txrefugee (.)
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To: sunrise_sunset
I make a small fraction of the $5 million.

I don't want my taxes cut if it depends upon the $5 million plus crowd paying more.

Reduce everyone's taxes and cut the size of the Federal Government.

ML/NJ

29 posted on 07/26/2017 5:42:46 PM PDT by ml/nj
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To: sunrise_sunset

It saddens me to see folks at a site like this, theoretically devoted to individual Freedom, make excuses for the evil of progressive taxation.

Good Lord, this is inexcusable to even consider.

Some here sound like Paul Ryan in that if we just make a complex plan to shift things here and make wild assumptions about individuals’ future choices there... then we can have our progressive cake and claim to be eating it too.

The answer is to raise taxes on the half of American’s not paying a net federal income tax!

We can’t keep sheltering half and more of the nation and punishing both the other half and our grandchildren. Or we will NEVER reduce the wild spending - which unquestionably is the problem, not too little taxing. Sheeesh.

A switch to sales-based taxes is the best way to go, even if that means being stuck with income AND sales taxes. Because everybody would pay the sales tax so it would be step in the correct direction.

The more voting age Americans that feel pain when federal dollars are spent the better.


30 posted on 07/26/2017 5:44:25 PM PDT by BuddhaBrown (Path to enlightenment: Four right turns, then go straight until you see the Light!)
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To: DIRTYSECRET

All I’m point out is the nominal rate means nothing on the surface.


31 posted on 07/26/2017 5:45:09 PM PDT by CommieCutter ("Trump is god emperor and he will win." -- some hacker)
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To: CommieCutter

Terrible idea. This introduces a new level that will slide down the scale year after year. Need fewer levels not more.


32 posted on 07/26/2017 5:47:15 PM PDT by Tennessean4Bush (An optimist believes we live in the best of all possible worlds. A pessimist fears this is true.)
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To: Still Thinking

Too funny. It doesn’t do a thing. The tax rate can be 100 percent and the rich will not pay a penny. Remember Trump himself didn’t pay a penny for 10 years. Don’t worry about the rich “Still Thinking”, they will survive.


33 posted on 07/26/2017 5:48:43 PM PDT by napscoordinator (Trump/Hunter, jr for President/Vice President 2016)
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To: sunrise_sunset
Wow. The old "soak the rich" virus is alive and well and very contagious it seems.

So after all the super rich have lawyered up and/or left the country with their capital, how will he pay for the tax cuts after year one?

34 posted on 07/26/2017 5:51:25 PM PDT by hinckley buzzard
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To: sunrise_sunset

Any new tax law should include adding a line on every tax return form for voluntary additional tax payments for every American that feels under-taxed. Challenge the liberals to put their money where their mouths are.


35 posted on 07/26/2017 5:56:10 PM PDT by Two Kids' Dad (((( Washington DC - Swampland of money and unindicted crooks ))))
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To: napscoordinator

The real swindle is not that the rich don’t pay enough taxes.

The real swindle is that the majority of them are democrats.


36 posted on 07/26/2017 5:57:07 PM PDT by reasonisfaith ("...because they received not the love of the truth, that they might be saved." (2 Thessalonians))
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To: Nicholas Sharpe

Most of the billionaires , from my observation, are “progressives”.


37 posted on 07/26/2017 5:59:03 PM PDT by RushIsMyTeddyBear
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To: Tennessean4Bush

I didn’t say I was really FOR it and didn’t intend to convey that.


38 posted on 07/26/2017 5:59:24 PM PDT by CommieCutter ("Trump is god emperor and he will win." -- some hacker)
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To: hinckley buzzard

“The old “soak the rich” virus is alive and well...”

Yes.

Or as Christ might put it: beware the leaven of the unFairisees !

We already have one whole dang party whose economic platform is based solely on the sin of envy. We need one party to at least pretend to be above that.


39 posted on 07/26/2017 6:00:25 PM PDT by BuddhaBrown (Path to enlightenment: Four right turns, then go straight until you see the Light!)
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To: sunrise_sunset

1. I bet this is a lie.

2. If it isn’t a lie, he is an idiot.

3. See #1.


40 posted on 07/26/2017 6:01:30 PM PDT by SoFloFreeper
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