Bannon Pushes to Hike Taxes on Wealthy

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.”