Do All of Trump’s Strategists Favor Tax Cuts for the Wealthy?
Do All of Trump’s Strategists Favor Tax Cuts for the Wealthy?
There’s no secret that Republican lawmakers want to lower tax rates for the wealthy. However, there are new reports that someone very close to President Trump is looking at raising the tax rate for the nation’s highest earners. It might come as a surprise, but according to multiple reports, White House Chief Strategist Steve Bannon reportedly favors a 40 percent tax rate for the highest bracket.
However, this report, like most others in Washington right now, is a case of “it depends on who you ask.” Two weeks ago reports surfaced, including one by Fox News, that Bannon was actually advocating a tax hike on the wealthy in order to help fund a large tax cut for lower- and middle-income taxpayers.
Reports stated that Bannon wanted to see a “4” in front of the rate for those in the highest bracket. This would affect any individual making more than $418,000 or couples earning more than $470,700. But, new reports surfaced just last week refuting that claim.
According to Treasury Secretary Steven Mnuchin, he has never heard Bannon say that. He says it’s simply the media reporting false news. Mnuchin also said that the White House does plan to release its plan to reduce deductions and lower taxes by September of this year.
We hope you found this article about “Do All of Trump’s Strategists Favor Tax Cuts for the Wealthy?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Entrepreneur Think Deductions, Deductions, Deductions!
Are you an entrepreneur looking for a tax break? Entrepreneurs have a lot on their plate, including living with the financial risk of their entrepreneurial efforts. That’s why it’s so important for any entrepreneur to be aware of any and all deductions come tax time. There are dozens of deductions to be had, but the…
Late Obamacare Forms Could Be Big Problem for Taxpayers
While you may or may not like Obamacare, the fact is the president’s health care plan has caused problems at tax time since its inception. Apparently, this year is no different. According to a recent report, because of a delay in new tax forms for the health law this year, many taxpayers are facing more…
Don’t Forget About These Important Tax Write-Offs
The saying goes that it’s the small victories that count. That saying can be especially true during tax time when for many taxpayers any chance to save even a few dollars more is considered a positive. Plus, when you add up enough of the small victories they can equal a significant reward. With that in…
Have You Heard About These New Income Tax Changes?
February is almost over. Can you believe it? That means the annual income tax return deadline is fast approaching. If you still haven’t done your taxes then there are some important changes you should know about. Hopefully, if you’ve already filed, then you were aware of these changes beforehand. If not, and you think they…