White House senior adviser Steve Bannon is proposing a 44 percent top tax rate for the wealthiest Americans or those making over $5 million a year.
The current top tax bracket is 39.6 percent.
Raising taxes has rarely been the policy of President Donald Trump and he had even previously discussed lowering the top rate down to 35 percent.
But in an interview with the Wall Street Journal on Tuesday, Trump said “if there’s upward revision it’s going to be on high-income people.”
“I have wealthy friends that say to me, ‘I don’t mind paying more tax,’” the president said.
The 63-year-old Bannon has long described himself as an “economic nationalist” and touted that stance when he was the executive chairman of Breitbart News before joining the Trump campaign last year.
The Daily Caller reports:
As The Intercept notes, though Bannon is conservative, a push for a tax hike would not be out of whack with his populist ideology.
Bannon’s preference would face significant hurdles, both from within the Trump administration as well as from congressional Republicans who generally want a lower top tax bracket.