Lion of the Blogosphere

Steve Bannon wants to raise taxes on the very rich

with 57 comments

He has been talking about it to people. I think that Bannon wants these “leaks” to be covered by the media, because he’s losing to the globalists and the TruCons in the contest to win Trump’s favor, and he wants to get his favored policies out there. But the mainstream media is ignoring this.

I’ve been pushing for taxes on the rich for a while. I always get a lot of hate comments when I write about the topic. Maybe now that Steve Bannon also supports it, the hate comments will die down a bit.

Written by Lion of the Blogosphere

July 26, 2017 at 7:19 pm

Posted in Taxes

57 Responses

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  1. Tax hikes on the rich will never pass Republican congress. Will never ever happen. Just forget it. Infrastructure is out too.

    Instead of trying to soak the rich, we should look instead look to provide tax relief to the middle class and working poor. That at least could conceivably actually happen.

    Otis the Sweaty

    July 26, 2017 at 7:36 pm

    • dont the ‘working poor’ in america pay no taxes already?

      james n.s.w

      July 26, 2017 at 8:18 pm

      • It depends if you have kids. A working poor person without dependents will most likely pay taxes. That’s why I’m against any talk of tax breaks for “working families”. I work with single moms who withold their taxes all year and then get a $10,000 refund. I’m lucky to get a few hundred back. “Middle class tax cuts” will give these mothers twice the “refund” while I will continue paying at the same rate.

        Jay Fink

        July 27, 2017 at 3:12 pm

      • They pay low income taxes but get killed with SS and Medicare taxes plus the hidden taxes they pay for things like healthcare.

        In addition to repealing the Obamacare taxes, I’d like to see a $3000 tax credit given to everybody who purchases insurance on the open market. Such a credit would cost less than the cuts for the wealthy that Republicans want to push through and could be at least partially paid for by eliminating some of the loopholes for high earners but forget about the Republicans ever agreeing to any of those things. We truly are the Stupid Party.

        Otis the Sweaty

        July 27, 2017 at 3:13 pm

      • In addition to repealing the Obamacare taxes, I’d like to see a $3000 tax credit given to everybody who purchases insurance on the open market.

        The Senate bill just voted down had generous tax credits for buying private insurance available to those making up to about $45,000 i believe.

        Andrew E.

        July 27, 2017 at 5:12 pm

    • We should absolutely do both. No individual making less than 30k per year, or family making less than 50k per year, should pay a dime in taxes other than consumption taxes. This is not the case now – I had an effective federal tax rate of something like 7% when I was making $25,000 per year as a grad student.

      PoorGradStudent

      July 26, 2017 at 8:27 pm

    • Why don’t we actually pay our bills and stop borrowing massive sums of money every year?

      Magnavox

      July 26, 2017 at 10:31 pm

    • Trump will have a Democratic Congress soon, probably in 2023. That’s the time to raise taxes on the rich.

      Right now is the time to cut corporate taxes so that jobs come back to the USA. Actually cutting taxes on the rich is a bad idea, but Trump might have to concede that to the Republicans to get things done for the American people.

      owentt

      July 27, 2017 at 2:41 am

  2. The new rate would only apply to about a third of that money, as the 44 percent kicks in at the $5 million level. Still, the hike would pull in around $18 billion per year, or $180 billion over 10 years.

    And even that little bit if limp wristed ‘populism’ is more likely to get Bannon kicked out of the Trump administration than actually be implemented.

    Magnavox

    July 26, 2017 at 7:48 pm

  3. To hell with the very rich and the very poor. It’s time to start making America great again for the citizens in the middle class.

    Oswald Spengler

    July 26, 2017 at 7:52 pm

  4. @Otis the Sweaty
    Infrastructure will happen because the plan is privatizing the public infrastructure. What do you think will happen when Trump says public private partnerships? Is corporate America going to just give their money to the government and not demand a return on it?

    The rich need to be soaked massively. They have abused their money printing privilege too much. It won’t happen but still. I regret not voting for Bernie in the primary. America is a very special place, if we can get a socialist anti-rich President he can hose the rich. How far can the rich flee when the US military can chase them? Haha. It’s their own fault for allowing the country to decay to the state it is in.

    @Oswald Spengler
    Fuck the middle class. Those idiots cry about “muh guns” non-stop yet won’t revolt. Revolt seems to be the only answer going forward. Plus, the middle class keeps consenting to racial equality non-sense which keeps guys like me living in the bad black parts of town from taking out the trash. Imagine if the suburban whites supported me and my buddies, we could make all the great mid-western cities great again.

    NotWesley

    July 26, 2017 at 8:07 pm

    • Bernie is a big old loser. One of the least accomplishments of a career long moocher. I did not vote for Trump but against Bernie, I would vote for him in a heartbeat.

      mpt

      July 27, 2017 at 1:28 am

  5. i dont see why billionaires should be allowed to exist.

    james n.s.w

    July 26, 2017 at 8:19 pm

    • Eh, we’re not so bad.

      driveallnight

      July 27, 2017 at 2:40 am

  6. Maybe now that Steve Bannon also supports it, the hate comments will die down a bit.

    That doesn’t add credibility to raising taxes.

    Bannon is a goof with bad instincts in a real political setting: He gets into unnecessary fights not only with Trump’s daughter and son in law, but H.R. McMaster, and other officials. His one ally, Priebus, is on the way out as his RNC partisans are purged by Mooch.

    Bannon doesn’t know how to manage anything. And he doesn’t appear to be effective at communications given how unsatisfactory the Trump political team has been explaining Trump’s positions.

    The Undiscovered Jew

    July 26, 2017 at 8:34 pm

    • Trump would be better off firing Bannon and replacing him with Stephen Miller.

      The Undiscovered Jew

      July 26, 2017 at 8:34 pm

    • Nobody really knows what’s going on in there. Priebus gets nothing but bad press, which means he’s one of the few people in the Trump White House who doesn’t leak. I’d be sorry to see him go.

      Richard

      July 26, 2017 at 11:42 pm

    • Part of the reason Scaramucci is clearing out Priebus’ team from comms is that Priebus and his allies are some of the worst leakers.

      The Undiscovered Jew

      July 27, 2017 at 12:18 am

      • Priebus’s press coverage is too rotten for that to be true. McMaster is obviously a major leaker for the opposite reason.

        Richard

        July 27, 2017 at 10:28 am

      • Lol someone fell completely for Scaramucci’s I’m a really rich businessman therefore I’m really competent schtick. What reason is there to think he has any actual ability to find the leakers? If all it takes to find leakers is private sector success then why haven’t any of the other millionaires and billionaires been able to find them?

        Magnavox

        July 27, 2017 at 10:52 am

      • “If all it takes to find leakers is private sector success then why haven’t any of the other millionaires and billionaires been able to find them?”

        Cuz they’re the ones doing it. LOL

        destructure

        July 27, 2017 at 1:37 pm

      • Priebus’s press coverage is too rotten for that to be true.

        I’ve seen the RNC in action to not suspect it’s true.

        McMaster is obviously a major leaker for the opposite reason.

        But why is McMaster leaking against Bannon?

        Trump’s other nationalist advisors – Miller, Ross, Navarro, Sessions – aren’t fighting a leak war with McMaster.

        Bannon should never have gotten into a fight in the first place.

        The Undiscovered Jew

        July 27, 2017 at 6:12 pm

  7. Who makes more than $5 million per year in earned income? Pro athletes, movie stars, and pop music stars, I guess. The “very rich” you’re thinking of–CEOs and hedge fund managers–make most of their income as capital gains. Raising the top marginal income tax rate wouldn’t touch them. You’d have to raise capital gains taxes.

    Hermes

    July 26, 2017 at 8:35 pm

  8. The only way I can see this working is if it’s a revenue neutral tax hike. That way Republicans might get on board. Using the $18 billion to reduce payroll taxes would be worth it because it would directly inject money into the retail economy. There wouldn’t be a huge ripple, but it would help people and businesses out. I was reading a Chamber of Commerce small business survey’s results at work today and the levels of economic optimism that small business owners felt after the election has dissipated in the past few months. A big reason for that is because they don’t expect sales to increase much in the next year. Putting money in people’s pockets is a good remedy to the problem.

    Aristippus

    July 26, 2017 at 8:44 pm

  9. If nothing else, it’s creating some cognitive dissonance on the other side. Limousine liberal Debra Messing triggered some whiplash among her followers today:

    Richard

    July 26, 2017 at 9:07 pm

    • Saw that when Trumwill retweeted it. Hilarious.

      Maybe Steve Bannon’s been reading Lion’s blog?

      Dave Pinsen

      July 26, 2017 at 11:43 pm

    • Pretty amazing she doesn’t understand that Bannon proposed raising it to 44%.

      Renault

      July 27, 2017 at 12:08 am

  10. The real problem is a tax hike won’t get through Hollywood.

    Mike Street Station

    July 26, 2017 at 9:26 pm

  11. Taxes don’t a darn thing for the average citizen in America. We’re not Canada or Western Continental Europe, where taxes pay for socialized medicine and higher education.

    Furthermore, many younger Americans would rather go uninsured than to go cold turkey on whatever frivolous habits with their money.

    JS

    July 26, 2017 at 9:55 pm

    • Social security, Medicare, the military (which people get a lot out of psychologically), and Medicaid is more and more part of the average person’s experience.

      Magnavox

      July 27, 2017 at 10:53 am

      • Yes, true. Heck, each of these entitlement programs already affect everyone. I wasn’t in the military, but the military defense business put food on the table for four generations of my family. One large defense contractor is still paying my deceased grandfather’s pension to my 90 y/o grandmother, and grand dad retired in 1975. If FL was one of the state that expanded Medicare, I’d be retired.

        E. Rekshun

        July 27, 2017 at 11:48 am

  12. This isn’t a tax on the very rich. If you want a tax on the very rich, you need a wealth tax, not an income tax.

    Tom

    July 26, 2017 at 10:09 pm

    • It is probably in the public interest to punish the TOOS & multimillionaire social elite class for their moral failures in encouraging social decline through liberalism.

      Panther of the Blogocube

      July 26, 2017 at 11:39 pm

      • Raise their taxes, close their loopholes, and tar and feather them for good measure.

        Lewis Medlock

        July 27, 2017 at 5:50 pm

    • I’ve always thought income tax was a scam that helped the rich by exempting certain sources of income the rich are more likely to have. That’s the real tax loophole right there. Instead, Is support taxing both wealth and consumption. That way everyone pays whether it’s saved or spent,

      However, I think the taxation should be progressive. Higher rates for the rich, lower for the middle class. none for the working class and even negative income tax for the poor. And I think it should be structured to exempt retirement accounts for the middle and working class. They should be encouraged to save.

      destructure

      July 27, 2017 at 7:59 am

      • Also, with a negative income tax we could finally get rid of all the entitlements. The negative income tax would be the entitlement. The problem with means tested entitlements that currently exist is that they encourage people not to work. If someone works then they lose everything. Liberals are really terrible at helping people.

        destructure

        July 27, 2017 at 8:03 am

      • (continued) because liberals aren’t really about helping people, THey’re about micromanaging people’s lives.

        destructure

        July 27, 2017 at 8:05 am

      • You could just as easily structure means tested entitlements to not discourage work as you could a negative income tax. With both types of programs it’s entirely a question of how much is given at every income level.

        And anyone that actually knows anything about poor people knows that giving them a blank check is often a terrible idea.

        Magnavox

        July 27, 2017 at 3:59 pm

  13. Anonymous

    July 26, 2017 at 10:17 pm

    • My brother used to work for a small custom software consulting company. He would talk about the jobs they got where they were the 3rd group to be called in. First the clients used some cheap Indian company that produced a pile of crap that didn’t work. Then they’d hire some more expensive Indian company that also produced crap that didn’t work. Only then would they call in the expensive Americans (my brother’s company) to do the job right.

      Hermes

      July 27, 2017 at 11:43 pm

  14. The middle class prop up the globalist financiers by mindlessly shoveling their savings into the securities markets (which are ruled over and skimmed by the globalists) via index funds, mutual funds, etc. etc. Eventually they’ll lose most of it when the dollar system ends but at least they’ll have learned that savings are not the same as investments. A lesson that should last a couple generations at least.

    But in the meantime, sure tax those slightly more who make over $5 million earned income if that moves the ball otherwise.

    Andrew E.

    July 26, 2017 at 10:19 pm

    • What are people supposed to put their money into? Gold and silver are manipulated( I would still buy those), land is just a rental contract because property taxes, the markets are the last place left allowed by the system. The Federal Reserve just devalues my money year after year after year. The middle class is blameless in this aspect. The elite are at fault and need to be punished for their bad financial management and telling people the wrong financial advice. We all pay when society goes bad.

      NotWesley

      July 27, 2017 at 12:35 am

      • I’m not saying the system isn’t putting people in a tough spot. But that doesn’t change the several facts that currency is not wealth (currency is meant for spending not saving), investing is not saving and passive investing is not actually investing. You put your money in what you understand and for the vast majority of people, if they’re honest with themselves, that means they’ll be keeping their money very local.

        Andrew E.

        July 27, 2017 at 3:13 pm

      • All money is political. It s not “their money”. It belongs to the sovereignty that issued it, and its value can be changed at any time, up to including making the value zero. That is what taxes do, they destroy money. You are allowed to hold money temporarily, just as tenants of the past had 100-year property leases. In most cases, you effectively do have possession and the right of use, but in the long term – it isn’t really yours.

        The middle class are largely to blame because they believe in this delusion of “their money”. Meanwhile, the rich have become so because they manipulate the politics of money to their benefit. You hit a lot of important points here, but as is common among those educated in libertarian nonsense, you complain about money creation by the sovereign’s national bank, and ignore the commercial banks that in fact create about 90% of all new money. Where do most of the rich get their money? Commercial banks or related entities.

        Money is a unit of account of *political power*. Taxes on the rich are not necessary so much for punishment but simply removing the possibility of corruption. Every society in history has faced this problem. And what you say is also important, but misinterpreted. “We all pay when society goes bad”. That is the wrong way to look at it. You are a part of society. The purpose of money, laws, bureaucracy and all other structural aspects of modern political power about maintaining society. When society “goes bad”, you are witnessing a failure of political governance.

        Helmut

        July 28, 2017 at 8:09 am

    • There’s nothing wrong with a good index fund like from Vanguard, At least, if there is then the problem is systemic and not with the fund itself.

      destructure

      July 27, 2017 at 7:48 am

      • Yes, passive investing is a systemic cancer that eats away at financial responsibility not specific to any fund.

        Andrew E.

        July 27, 2017 at 1:14 pm

      • And it creates the social conditions for the ever growing financialization of everything which of course plays right into the globalists hands since they own these markets and make all the rules.

        Andrew E.

        July 27, 2017 at 1:17 pm


    • Eventually they’ll lose most of it when the dollar system ends but at least they’ll have learned that savings are not the same as investments.

      I know vanguard pushes people very strongly to US companies and overall the us economy would benefit from a weak dollar. Germany and China both prioritize weak currencies. Retirees wouldnt be able to travel as much but that’s hardly much of a tragedy.

      Magnavox

      July 27, 2017 at 10:58 am

      • Travel as much abroad because of the weak dollar I mean

        Magnavox

        July 27, 2017 at 11:00 am

  15. You need a tax on nonprofits. That is the real tax on the rich.

    map

    July 26, 2017 at 10:19 pm

  16. Bannon? How about Trump?

    IHTG

    July 27, 2017 at 3:59 am

    • Trump is weak willed and when all the rich people in his admin tell him the opposite he’ll just go along with them.

      Magnavox

      July 27, 2017 at 11:01 am

  17. “I’ve been pushing for taxes on the rich for a while. I always get a lot of hate comments when I write about the topic. Maybe now that Steve Bannon also supports it, the hate comments will die down a bit.”

    I think people will see Bannon’s motives as different from yours. You know, it is possible to support the same thing for different reasons. And reasons do matter. People will see Bannon’s reasons as part of a larger “America first” philosophy ie sticking it to rich leftists, globalists, etc.

    If you”ll recall, you quoted one of my comments in a post a couple of years ago when I said to stick it to the billionaires not for being rich but for being leftwing, globalist twats. So what’s your motive? You sort of criticize the rich for having leftwing, globalist policies sometimes. But you never forcefully connect nationalism to raising their taxes. You also support socialism sometimes, such as universal healthcare and guaranteed minimum income. So are you a nationalist or a socialist? Though I suppose you could be both. Are you a national socialist, Leon? 🙂

    destructure

    July 27, 2017 at 8:54 am

  18. IHTG

    July 27, 2017 at 12:04 pm

  19. I personally find it ridiculous that anyone who truly supports Trumps ideas would oppose taxing the rich more. If the rich have less money it means:

    -Less money to give to pro-globalist candidates
    -Less money to wage the culture war

    Think about it. Many conservative laws like the bathroom one in North Carolina would have probably passed if it wasn’t for the massive amount of power corporations have. Same thing with a lot of other gay/trans bills. Yet some people still believe that taxing the rich is bad.

    People need to realize that they don’t really align with this issue with Republicans. Most of them became conservative because they have very traditional values, and probably realize that HBD is real on some level. Most probably had a completely open mind when it came to tax policy, so they ate the shit the RNC was shoveling down their throat.

    When you support these types of tax policies, you are a fucking cuck. You are cucking yourself economically.

    Yup

    July 27, 2017 at 5:05 pm

  20. […] class Alt-Right Drift Towards “Leftist” Policies The Alt-Right Is Green: Not A Pepe Meme Steve Bannon wants to raise taxes on the very rich Defining the Alt-Center: Neo-Tribalism Thoughts On Replacing Traditional Marriage In A […]

  21. […] class Alt-Right Drift Towards “Leftist” Policies The Alt-Right Is Green: Not A Pepe Meme Steve Bannon wants to raise taxes on the very rich Defining the Alt-Center: Neo-Tribalism Thoughts On Replacing Traditional Marriage In A […]


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