In a recent interview, Steve Bannon, the former chief strategist for President-elect Donald Trump, expressed his support for taxing corporations and the wealthy.
Bannon, who has been a key figure in shaping Trump's economic policies, believes that such a move could solidify Trump's legacy and position him as a historic figure.
According to Mediaite, Bannon stated, This is a 1932-type realignment, if we do this right. Look at the demographics that got us here black, Hispanic, white, working class, all of it.
If we deliver for these people, and I mean deliver in a big way economically, then this is a coalition that could last for 50 years. He further warned that adherence to "crony capitalism" and "tax breaks for the corporations" could squander a unique moment in history.
When asked about the potential conflict between Trump's wealthiest supporters and working-class voters, Bannon suggested that Trump could serve the latter by increasing tax rates for the former. He pointed out that since 2008, $200 billion has been funneled into stock repurchases, money that could have been invested in plants and equipment, thereby benefiting the country.
Im for a dramatic increase in corporate taxes. We have to increase taxes on the wealthy. For getting our guys taxes cut, weve got to cut spending, which theyre gonna resist. Where does the tax revenue come from?
Corporations and the wealthy. And when they start squealing, we have a conversation," Bannon stated. He further added, Were all partners in this, everybodys going to take a little pain, but the working people are going to take less pain than you guys.
Bannon also took the opportunity to criticize Republicans like former House Speaker Kevin McCarthy, accusing them of making promises to voters that were never fulfilled. There has to be no tax on tips, no tax on overtime, no tax on Social Security, Bannon insisted.
He further criticized McCarthy's approach to budget cuts, stating, Guess what thats gonna do? You get DOGE and OMB to do cuts in year one not this Kevin McCarthy bullshit where you have $2 trillion of cuts, but theyre all in year nine and ten, so they never materialize. Real cuts.
Bannon's comments underscore the potential for a shift in economic policy under the Trump administration, one that could see a greater tax burden placed on corporations and the wealthy. This approach, while diverging from traditional GOP economic positions, could indeed serve to cement Trump's legacy if it delivers significant economic benefits to the working class.
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