Steve Bannon, a former White House adviser to President-elect Trump, said in an interview that he supports raising taxes on the wealthy and corporations.
“I'm in favor of a big increase in corporate taxes. We need to raise taxes on the wealthy. To reduce our taxes, we have to cut spending, but they will resist that. Where does it come from? Corporations and wealthy people,” Bannon said in an interview with Semaphore. it was published on friday.
“And when they start shrieking, we'll have a conversation,” the conservative media personality added. “We're all partners in this. We're all going to have some pain, but the people who are working will have less pain than you.”
Trump, Bannon's former boss, said on the campaign trail that he wanted to extend many provisions of the 2017 tax bill, the signature economic accomplishment of his first White House term. He also promised tax cuts on tips and Social Security. President Trump has also expressed support for lowering the corporate tax rate to 15%.
The president-elect also said he would impose tariffs on goods coming into the country as a way to boost investment in domestic manufacturing and American jobs.
Bannon reiterated his strong support for some of these economic proposals during the interview.
“On the economic front, it's important to implement technology, exempt taxes on tips, exempt taxes on Social Security, exempt taxes on overtime pay, and extend benefits to working people to the middle class.” he said when discussing populism. right. “Over the past 30 or 40 years, if you look at the total returns from production, more returns have gone to capital than to labor.”
The host of “Bannon's War Room Podcast” shared a similar stance on taxing the wealthy and corporations while addressing Republican supporters at the New York Young Republican Club's annual gala over the weekend. .
“And, I hate to say it, but there will be massive tax cuts, like no tax on tips, no tax on Social Security, no tax on overtime pay, etc. To make up the difference, I don't want to say, “I know, there's still a lot of orthodox Republicans here, so we're going to have to raise taxes on the wealthy,'' Bannon said. said on sunday.
“Hey, both parties got us into this. Only the populist nationalists can solve this problem. But guess what? The neoliberal neocons are paying the price for what happened. “You'll have to pay,” he added.
Progressive Rep. Ro Khanna (D-Calif.) agreed with Bannon's stance on raising taxes on corporations and the wealthy.
“Bannon is absolutely right that we should be taxing companies more on stock buybacks and that management has siphoned this money for shareholders instead of building new factories,” Khanna wrote in Friday's paper. Ta. Post on social platform X. “This is the story of Intel and Boeing.”
