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.