Bannon Signals Support Millionaire Tax: “This Will Help’ Trump

Steve Bannon, a former White House strategist, said he supports the second Trump administration’s tax rate hikes on the wealthy.

Bannon said the move could help President Trump’s support for the proposed third term, which he and other Republicans are willing to promote in lieu of the constitutional restrictions outlined in the 22nd Amendment.

“Now is working behind closed doors, and I tell you he will bring it to the working class and the middle class,” the former Trump adviser said in a appearance on News Nation Nation’s Cuomo on Friday.

Trump raised the idea in an interview with Time on Friday, suggesting that raising taxes for millionaires could help offset the costs of extending the 2017 tax cut.

“I will raise their wealthy people to take care of the middle class,” Trump told Times.

He added: “That’s – I love, that’s. I actually like the concept, but I don’t want it to be politically bad for me because I’ve seen people lose elections with fewer measures, especially on fake news.”

But, he said, the decision could lead to the wealthy fleeing other U.S. countries.

Bannon retorted that if Trump runs for the third term, raising taxes for the rich in the next few years would resonate well with voters.

He told host Chris Cuomo that he said: “Politically speaking, this will help him get re-elected.”

Strong Trump allies have also criticized Democrats who oppose the so-called president’s “oligarchs.” He specializes in Chuck Schumer (DN.Y.) and Bernie Sanders (I-Vt.), former House Speaker Nancy Pelosi (D-Calif.), Rep. Alexandria Ocasio-Cortez (DN.Y.) and former President Biden.

“Democrats have never taxed oligarchs, never raised taxes on Wall Street, never took away interest. The Democrats are definitely billionaires, oligarchs,” he said Friday. “Trump is the only person representing the working class.”

“This is a massive tax cut that the Democrats have never done, taking the attacks from social security, taking taxes from prompts, levied working class people from overtime, and this is the first time the working class has received additional tax breaks from everyone else, and Trump fights for that.”

Republicans in Congress are reportedly considering a 40% increase in the highest tax rate to earn more than $1 million, a House Republican recently confirmed to the Hill. However, other lawmakers said there was no tax increase to include it in the looming settlement bill.

Bannon believes that the move will be “good news.”

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