Former White House strategist Steve Bannon has shown his support for tax cuts on wealthy people under the Second Trump administration.
Bannon said if successful, the move could help President Trump Shore support the proposed third term of office.
“This is being fought behind closed doors now. Plus, I’m telling you with a massive tax cut. Plus, maths only work if he’s actually increasing the wealthy taxes for the working and middle classes.” I said it on Friday It appeared in News Nation’s “Cuomo.”
Trump also raised the idea on Friday in an interview with Time Magazine, suggesting that a billionaire tax hike will help offset the costs of extending the 2017 tax cut.
“I’ll raise them wealthy to care for the middle class,” Trump told Time.
“It’s – I love it, I actually love the concept, but I don’t want it to be used politically against me, especially since I’ve seen people lose elections because of fewer numbers on fake news,” he added.
However, he said the decision could potentially allow wealthy people to flee the United States for other countries.
Bannon rebutted, arguing that tax hikes for the rich would resonate well with voters in the coming years if Trump were to run for a third term.
“Politically, it will help him get re-election in 2028,” he told host Chris Cuomo.
Trump’s allies have also criticized Democrats for opposing what the president calls “oligarchy.” He specifically highlighted Senators Chuck Schumer (DN.Y.) and Bernie Sanders (I-Vt.), former House Speaker Nancy Pelosi (D-Calif), Alexandria Ocasio-Cortez (DN.Y.) and former President Biden.
“Democrats never took interest from raising taxes on the oligarchs or increasing taxes on Wall Street. Democrats are absolutely seen by billionaires, oligarchs,” he said Friday. “Trump is the only person ever to stand for the working class.”
“And this massive tax cut that Democrats never did is steal the attacks from Social Security, steal taxes from hints, and steal taxes from overtime for working class people.
Congressional Republicans are reportedly considering adding a 40% top tax bracket to their revenues of over $1 million, a Republican recently confirmed to Hill. However, other lawmakers said it may not do that on a settlement bill that is approaching tax hikes.
Bannon suggested that the move would be “great news.”
