Bannon Pushes to Hike Taxes on Wealthy

[brooklynite]

Source: Political Wire

Jonathan Swan: “Steve Bannon is causing a stir inside the administration by pushing an idea that’s anathema to most Republicans: raising taxes on the wealthiest Americans to pay for steep middle and working-class tax cuts. (Some officials who’ve heard Bannon’s idea think it’s crazy, but the President’s chief strategist believes it’s a potent populist idea.)”

“Bannon has told colleagues he wants the top income tax bracket to ‘have a 4 in front of it.’ (The top bracket is currently 39.6% for Americans who earn more than $418,400.) It’s classic Bannon – pushing a maximalist position that’s reviled by the Republican establishment.”

Also interesting: “Gar Cohn has told associates that if tax reform doesn’t get done this year, it’s probably never going to happen. Sources who know Cohn speculate that he’ll leave the White House the instant he concludes tax reform is dead.”

Read more: https://politicalwire.com/2017/07/03/bannon-pushes-hike-taxes-wealthy/

[Lint Head]

1. This is a total ruse. Or to be frank. A lie. This is nothing more

than propaganda to placate the people who are pissed at the town halls and to make Trump look better. That's the only reason a racist and a bigot who supports a sexual predator like Trump, who loves the murderer Vladimir Putin, would do something like this.

[PSPS]

7. Whenever you see "to pay for steep middle and working-class tax cuts," it's a ruse

It's a ruse because most of the "middle and working-class" pay very little federal income tax today.

The media and politicians pull out this $125K/year definition of middle class, which is ridiculous since the median wage in the country is about $50K. But even $125K owes only 22% and that assumes no deductions or exemptions, so the amount is even lower.

$50K owes only 16% and that, too, assumes no deductions or exemptions, so the amount is even lower.

[Igel]

17. You missed a beat.

They usually say something like "up to $125k/yr" for middle class. Above that, depending on family size, not so middle class.

http://www.cnbc.com/2017/03/13/heres-how-much-you-have-to-earn-to-be-considered-middle-class.html seems reasonable on paper, but depending on location the lower reaches of "middle class" look very much "working poor" to me. Then again, in some areas the upper reaches of "middle class" are quite well off. Depends on purchasing power. And family size, to be honest.

Note that if a household has two breadwinners, "middle class" isn't all that hard to pull off. With all the usual caveats.

[Tanuki]

13. Indeed. Bannon's true boss is Robert Mercer, who owes the IRS $7 billion in unpaid taxes. Mercer's

evil genius is big data, and it's likely that he has scoped tax breaks for the wealthy out as a source of simmering rage among the base, and has sent Bannon out to pretend to support something to benefit the 99%.
http://www.newsday.com/long-island/politics/spin-cycle/protest-at-robert-mercer-s-li-home-1.13329816

[Bleacher Creature]

2. This is a nightmare.

Now I have to say that I agree with Bannon on at least one issue.

[marylandblue]

3. Bannon is a dollowing a populist recipe

Tax the rich and give the proceeds to the masses. Good thing Republicans in Congress will never go for it. Yes he means it. Unlike most of the GOP he is much more interested in power than money.

[hatrack]

4. Yeah, uh-huh . . .

[bora13]

5. now projecting!

in a room near you! The reality side of the looking-glass
from Bannon's POV.
But it's not in reach for tweedle-dee cuz tweedle-dum keeps
tweeting their location.

[rurallib]

6. I'll believe that only when I see it.

[KRISITNA]

8. It's been Bannon's mission to destroy both the republican and democrat parties so this is no surpris

[HuskyOffset]

9. Democratic party, please NT

[jgmiller]

10. I'm sure he really is saying this

Bannon for the most part doesn't outright lie, he shades the truth. He's always been very clear about his goals. He wants to destroy the political class as it currently sits in order to bring about a rebirth; his 4th turning junk. To do that he needs Trump to remain in power so he will do whatever it takes even if that means going against what the GOP wants. He can't control the top 5-10% of the population, he can control the 30-50% of the population that would love this.

The frightening thing about the 4th turning theory is that it is always brought about by war. Even if the whole theory has been debunked he really believes it and if he thinks the way to bring it about is through war then he will do it because he believe the US will come out better. Never mind that a few million people might die, the ends justify the means.

[elmac]

11. there bracket means nothing

because of so many loopholes. We pay the 39% regardless, theirs gets knocked down from 11 or less percent. Its all smoke and mirrors to help push through the GOP murder bill.

[Bernardo de La Paz]

12. I'm guessing he made a disruptive policy suggestion to disrupt. He want to tear it all down. nt

[louis-t]

14. If he's serious, he is done..

Repugs don't do math, they are not economists, they are ideologues.

[LudwigPastorius]

15. If the GOP allows this,...

I'm sure it will be more than offset by a substantial reduction of taxes on investment interest, dividends, and capital gains.

That's where the 1% make their real money anyway.

Fake Populism for a Fake Administration

[Hieronymus]

16. Who'd believe anything Bannon says?

[jmowreader]

18. He's not giving too many details, and he probably wouldn't

There's only four-tenths of a percent between the current top rate and a top rate that &quot has) a 4 in front of it."

How do we know that fat bastard doesn't have in mind to raise taxes on the top bracket just to 40 percent while doing three other dick moves: raising the bracket to $1.6 million ($1.5 million cash compensation is the ceiling on deductible executive compensation), slashing the next two rates where most of the rich's taxable income actually is, and cutting capital gains rates?

The only people this really attacks are entertainers, because they don't get paid in stock options.