June 23, 2021 - Douglas Myser

Steve Bannon says to tax the rich. Steve Bannon demanded that the U.S. increase its taxes on the wealthiest Americans, arguing that the current situation is "absurd" and that the country is "being scammed" by multibillionaires. The Ex-senior counselor to former President Trump went on a rant against tax avoidance by the nation' wealthiest people during his War Room podcast. Bannon's remarks came after ProPublica published a report examining the tax records of some of the country's richest individuals, finding that many paid little or no income taxes in various years over the past decade. "Over five years with a half a trillion dollars of assets, they've paid collectively under $15 billion in taxes," Bannon said, arguing that this is "the reason the game is rigged". "They don't pay any taxes anyway," the former Trump administration official said. Steve Bannon says to tax the rich.

Bannon took aim at conservatives and Republicans who argue against raising taxes on the rich. He said their arguments against raising taxes are the same as their defense of free trade. Bannon called out Trump Treasury Secretary Steve Mnuchin and economic advisor Gary Cohn for opposing tax hikes on the rich, saying they "went absolutely nuts" when he suggested an increase. "This is absurd. This is a scam. You're being scammed, just like you were being scammed on free trade." Bannon told listeners. He pointed to the rising deficit and argued that there are limited options to address the situation, saying that the U.S. can either cut spending, sell more bonds to foreign countries or raise taxes on the wealthy. He warned that Americans grandchildren will have to pay the cost if difficult decisions aren't made now. Steve Bannon says to tax the rich.

Notably, Trump's signature legislative achievement was the 2017 Tax Cuts and Jobs Act, which largely benefitted corporations and the wealthiest Americans. President Biden has proposed repealing the Tax Cuts and Jobs Act and raising the taxes of the rich and corporate America. Bannon's opinion's were not enough to sway Trump into giving tax cuts to the top one percent of income earners.

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