Steve Bannon is reportedly advocating for a tax hike on the wealthy
- Bannon has told colleagues in the White House that he wants the highest income tax bracket to "have a 4 in front of it," Axios said, based on conversations with unnamed sources.
- Today, the top bracket is 39.6 percent for single Americans who bring home $418,401 or more annually and for married individuals filing jointly who make $470,701 or more.
Steve Bannon, a key player in President Donald Trump's White House, has reportedly been advocating for a policy change that would disturb many Republicans — upping taxes on the rich — according to unnamed sources who spoke with Axios.
The publication said Bannon wants to hike taxes "on the wealthiest Americans to pay for steep middle and working-class tax cuts."
Bannon, who serves as Trump's chief strategist, believes this is a "potent populist idea," sources told Axios.
Further, Bannon has told colleagues in the White House that he wants the highest income tax bracket to "have a 4 in front of it," Axios said.
Today, the top bracket is 39.6 percent for single Americans who bring home $418,401 or more annually and for married individuals filing jointly who make $470,701 or more.
A representative from the White House did not immediately respond to CNBC's request for comment.
The last time Congress passed major tax reform in the U.S. was 1986. It remains to be seen when and how President Trump will be able to pass this key portion of his agenda — one that the former businessman has been advocating for since the start of his campaign.
President Trump has vowed to bring tax relief for middle-class Americans, simplify the tax code, and grow the U.S. economy overall — all of this without adding to America's debt and deficit.
Read the full report from Axios.