White House advisor Steve Bannon is lobbying for a new 44 percent top marginal tax rate for people who earn more than $5 million a year, with the revenue paying for tax cuts for the rest, according to sources speaking to Bloomberg and the Intercept. This comes after Axios reported that Bannon told colleagues he wants the top bracket to “have a 4 in front of it.”

Trump's proposed plan includes three brackets, the top one is reported to be 35 percent, lower than the current top rate of 39.6 percent. The last time the U.S. had an income tax bracket higher than 39.6 percent was in 1986 when it was 50 percent.

 

The Intercept noted that, according to IRS data, just over 43,000 people with income of at least $5 million filed tax returns for the year 2014. 

It obviously takes a unique kind of Republican to want to tax the rich.

The former Wall Street banker and Breitbart chairman largely represents Trump's populist base that wants to see the establishment taken down a notch. During his first speaking appearance after Trump took office, he vowed to fight for the “deconstruction of the administrative state.” Bannon has reportedly called himself a Leninist in the past, referring to the Russian communist revolutionary Vladimir Lenin. He said, “(Lenin) wanted to destroy the state, and that’s my goal too. I want to bring everything crashing down, and destroy all of today’s establishment.” (He has since said he doesn't remember the conversation.) 

Luckily for high earners, Bannon has found himself increasingly isolated at the White House since the election.

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