Former White House strategist Steve Bannon signaled his support for a tax hike on the wealthy under the second Trump administration.
Bannon said if successful, the move could help President Trump shore up support for a proposed third term in office, which he and other Republicans have moved to facilitate in lieu of Constitutional limits outlined in the 22nd amendment.
“This is being fought behind closed doors right now, and I’m telling you, with the massive tax cut, in addition, he’s going to give the working class and the middle class, the math only works out if you actually increase taxes on the wealthy,” the former Trump adviser said Friday during an appearance on News Nation’s “CUOMO.”
Trump also floated the idea on Friday in an interview with Time magazine, suggesting that raising taxes on millionaires could help offset the cost of extending his 2017 tax cuts.
“I’d be raising them on wealthy to take care of middle class,” Trump told Time.
“And that’s — I love, that. I actually love the concept, but I don’t want it to be used against me politically, because I’ve seen people lose elections for less, especially with the fake news,” he added.
However, he said the decision could cause the wealthy to flee the U.S. for other nations.
Bannon countered, claiming tax raises for the rich will resonate well with voters in the coming years if Trump were to run for a third term.
“Politically, it’s going to help him in his reelect in 2028,” he told host Chris Cuomo.
The staunch Trump ally has also criticized Democrats who have railed against what they call the president’s “oligarchy.” He specifically took aim at Sens. Chuck Schumer (D-N.Y.) and Bernie Sanders (I-Vt.), former House Speaker Nancy Pelosi (D-Calif.), Rep. Alexandria Ocasio-Cortez (D-N.Y.) and former President Biden.
“The Democrats never raised taxes on oligarchs, never raised taxes on Wall Street, never took away carried interest. The Democratic Party is absolutely beholden to the billionaires, the oligarchs,” he said Friday. “Trump’s the only person ever stood for the working class.”
“And this, this massive tax cut, which the Democrats never did, to take the attacks away from a Social Security, take tax away from tips, take tax away from overtime for working class people, is the first time that the working class has got an additional tax cut from everybody else, and Trump’s fighting for that,” he argued.
Republicans in Congress are reportedly considering adding a 40 percent top tax bracket on income above $1 million, one House Republican confirmed to The Hill recently. Other lawmakers, however, said it is possible that no tax hike makes it into the looming reconciliation bill.
Bannon suggested the move would be “great news.”
