Republicans to raise taxes on rich

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Steve Bannon is pushing it and he's smart. He knows where the votes are counted.

Bannon has pitched various ideas for how Republicans can recoup some revenue by raising taxes on the rich. One proposal would allow the top tax rate to revert to its level before the 2017 tax law, from 37 percent to 39.6 percent. (This would raise taxes for those with more than $626,350 in earnings.) Bannon has also proposed creating a new bracket with higher taxes for those earning $1 million or more, arguing the GOP should act on behalf of its increasingly working-class voting base. Bannon and some other Trump allies have also discussed a third idea to create an even higher top tax bracket, for those earning more than $3 million or $5 million, two of the people said.

“This guts the AOC-Bernie ‘oligarchy tour,’” Bannon said, referring to the populist rallies being held by Rep. Alexandria Ocasio-Cortez (D-New York) and Sen. Bernie Sanders (I-Vermont). Bannon has been trying to convince Republicans to embrace higher taxes on the rich since Trump’s first term. “Politically, it’s game, set, match — it’s a no-brainer. This would destroy the Democrats.”

And then the very next paragraph...

Critics say that even a higher tax on millionaire income will not do much to address economic inequality. The wealthiest Americans typically benefit from increases in the value of their stock holdings, but Republicans are not currently considering higher taxes on either capital gains or unrealized paper gains.

And this is where we need higher taxes.

I paid $317k in taxes. At the higher rate I would only pay around $340k. Not a huge difference. Having a higher capital gains tax would help. They should restructure the brackets to increase the level for 0% from something like $47k to at least the $100k threshold for single filers. Their thresholds never make sense to me.

A tax on unrealized gains will never happen. This is where the ultra-wealthy would get absolutely hosed.

I mean, it already happens. I get taxed on the unrealized gains of my largest asset every single month.

Oh, right you meant for rich people and their biggest assets! Silly me, of course that will never happen!

Real estate gets a property tax (wealth tax), not a gains/income tax, and it's relatively easy to tax because it's sitting right there in public view with a registered owner.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Steve Bannon is pushing it and he's smart. He knows where the votes are counted.

Bannon has pitched various ideas for how Republicans can recoup some revenue by raising taxes on the rich. One proposal would allow the top tax rate to revert to its level before the 2017 tax law, from 37 percent to 39.6 percent. (This would raise taxes for those with more than $626,350 in earnings.) Bannon has also proposed creating a new bracket with higher taxes for those earning $1 million or more, arguing the GOP should act on behalf of its increasingly working-class voting base. Bannon and some other Trump allies have also discussed a third idea to create an even higher top tax bracket, for those earning more than $3 million or $5 million, two of the people said.

“This guts the AOC-Bernie ‘oligarchy tour,’” Bannon said, referring to the populist rallies being held by Rep. Alexandria Ocasio-Cortez (D-New York) and Sen. Bernie Sanders (I-Vermont). Bannon has been trying to convince Republicans to embrace higher taxes on the rich since Trump’s first term. “Politically, it’s game, set, match — it’s a no-brainer. This would destroy the Democrats.”

And then the very next paragraph...

Critics say that even a higher tax on millionaire income will not do much to address economic inequality. The wealthiest Americans typically benefit from increases in the value of their stock holdings, but Republicans are not currently considering higher taxes on either capital gains or unrealized paper gains.

And this is where we need higher taxes.

I paid $317k in taxes. At the higher rate I would only pay around $340k. Not a huge difference. Having a higher capital gains tax would help. They should restructure the brackets to increase the level for 0% from something like $47k to at least the $100k threshold for single filers. Their thresholds never make sense to me.

A tax on unrealized gains will never happen. This is where the ultra-wealthy would get absolutely hosed.

I mean, it already happens. I get taxed on the unrealized gains of my largest asset every single month.

Oh, right you meant for rich people and their biggest assets! Silly me, of course that will never happen!

Real estate gets a property tax (wealth tax), not a gains/income tax, and it's relatively easy to tax because it's sitting right there in public view with a registered owner.

Good point. No one knows who owns Facebook stock. Totally impossible to figure that out.

[Anonymous]

If this is what they wanted then why spend all this time trying to make the current tax cuts permanent. It’s hilarious that Bannon words this as game set match for Democrats. It’s about the American people. You can’t be screaming about the deficit in one breath and taking in policies that don’t address it in another, all while hurting the very people who have already been hurting.

[Anonymous]

Anonymous wrote:If this is what they wanted then why spend all this time trying to make the current tax cuts permanent. It’s hilarious that Bannon words this as game set match for Democrats. It’s about the American people. You can’t be screaming about the deficit in one breath and taking in policies that don’t address it in another, all while hurting the very people who have already been hurting.

Exactly. This think tank is devoted to a responsible federal budget and they said it will be “historically unprecedented in its fiscal irresponsibility.”

https://www.crfb.org/blogs/senate-budget-could-enable-unprecedented-deficit-increase

[Anonymous]

Ha! I will believe when they do it.

[Anonymous]

Trump has now come out against it

https://www.bloomberg.com/news/articles/2025-04-23/trump-says-millionaire-tax-would-push-wealthy-to-leave-the-us?srnd=homepage-americas&embedded-checkout=true

Anyone who thought they’d ever do this is dumber than a door nail

[Anonymous]

Anonymous wrote:Trump has now come out against it

https://www.bloomberg.com/news/articles/2025-04-23/trump-says-millionaire-tax-would-push-wealthy-to-leave-the-us?srnd=homepage-americas&embedded-checkout=true

Anyone who thought they’d ever do this is dumber than a door nail

Trump was never going to impose taxes on himself. As always, the working and middle class W-2 earners will pay for all of America’s infrastructure. Trump said that if you tax the rich, they would all leave the USA, yeah right.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Trump has now come out against it

https://www.bloomberg.com/news/articles/2025-04-23/trump-says-millionaire-tax-would-push-wealthy-to-leave-the-us?srnd=homepage-americas&embedded-checkout=true

Anyone who thought they’d ever do this is dumber than a door nail

Trump was never going to impose taxes on himself. As always, the working and middle class W-2 earners will pay for all of America’s infrastructure. Trump said that if you tax the rich, they would all leave the USA, yeah right.

These were the income tax rates we had in place before 2017. Where was the flight then? This is mostly doctors, lawyers, etc whose livelihoods are here. No risk of flight.

[Anonymous]

OP is fake news.
The article says:


"the prospect of a tax hike has gotten a largely chilly reception among Republicans on Capitol Hill, Vice President JD Vance and budget director Russell Vought have expressed openness to the idea"

[Anonymous]

Is it really necessary to post about Bannon's trolling attempts?

[Anonymous]

No they won’t.

[Anonymous]

Hahaha 😂!

[Anonymous]

I assume there’s a paywall on this, sorry, but in the Time interview Trump told the interviewer that he’s happy to raise taxes on the rich except that he’s afraid it would be political suicide:

https://nymag.com/intelligencer/article/what-we-learned-from-trumps-secret-filled-time-interview.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Steve Bannon is pushing it and he's smart. He knows where the votes are counted.

Bannon has pitched various ideas for how Republicans can recoup some revenue by raising taxes on the rich. One proposal would allow the top tax rate to revert to its level before the 2017 tax law, from 37 percent to 39.6 percent. (This would raise taxes for those with more than $626,350 in earnings.) Bannon has also proposed creating a new bracket with higher taxes for those earning $1 million or more, arguing the GOP should act on behalf of its increasingly working-class voting base. Bannon and some other Trump allies have also discussed a third idea to create an even higher top tax bracket, for those earning more than $3 million or $5 million, two of the people said.

“This guts the AOC-Bernie ‘oligarchy tour,’” Bannon said, referring to the populist rallies being held by Rep. Alexandria Ocasio-Cortez (D-New York) and Sen. Bernie Sanders (I-Vermont). Bannon has been trying to convince Republicans to embrace higher taxes on the rich since Trump’s first term. “Politically, it’s game, set, match — it’s a no-brainer. This would destroy the Democrats.”

And then the very next paragraph...

Critics say that even a higher tax on millionaire income will not do much to address economic inequality. The wealthiest Americans typically benefit from increases in the value of their stock holdings, but Republicans are not currently considering higher taxes on either capital gains or unrealized paper gains.

And this is where we need higher taxes.

I paid $317k in taxes. At the higher rate I would only pay around $340k. Not a huge difference. Having a higher capital gains tax would help. They should restructure the brackets to increase the level for 0% from something like $47k to at least the $100k threshold for single filers. Their thresholds never make sense to me.

A tax on unrealized gains will never happen. This is where the ultra-wealthy would get absolutely hosed.

I mean, it already happens. I get taxed on the unrealized gains of my largest asset every single month.

Oh, right you meant for rich people and their biggest assets! Silly me, of course that will never happen!

Yep, it's called real estate tax. And it doesn't care if you are rich or poor unless you are a senior citizen with lower fixed income than allowed. You may never sell the house , or your house value may go down, but you will never get the tax on "gain" that never was back.

[Anonymous]

Anonymous wrote:No they won’t.

They won't if there is an exit tax for the ultra high networth individuals. Apparently, it's a thing in some places of the world.