White House floats 44 percent tax rate on the super rich
Donald Trump campaign CEO Stephen Bannon (Inside Edition)

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.