Bannon Wants to Tax Top Earners at 44%

“White House chief strategist Steve Bannon’s plan to raise the top income-tax rate for America’s highest earners could find some support among congressional Republicans as part of a populist message to sell a broader tax overhaul,” Bloomberg reports.

“Bannon supports paying for middle-class tax cuts with a new top rate of 44% for those who make more than $5 million a year, according to a person familiar with his thinking. The lawmaker, who asked not to be named because discussions are private, said the rate pitched was 42%, which would be acceptable to some conservatives, as long as it’s coupled with a low corporate rate and other changes like repealing the alternative minimum tax. The current top individual rate is 39.6%.”