White House floats 44 percent tax rate on the super rich
White House senior strategist and former Goldman Sachs investment banker Steve Bannon is calling for a 10% federal tax increase on those making more than $5 million a year, The Intercept reports.
Trump’s previous tax plan would have lowered the top tax bracket from 39.6% to 35%, but now Bannon is floating a trial ballon of instead raising the top rate to 44%.
Bannon was head of Breitbart News before being appointed chief executive of Donald Trump’s presidential campaign.
If Congress were to pass such a bill, it would only effect the 43,000 Americans who make more than $5 million per year. Such a proposal would decrease the federal deficit by raising $180 billion in new revenue over the next decade.