The Case for a Millionaire Tax
The Trump administration is poised to slash rates for rich Americans. What about going in the exact opposite direction?
President Donald Trump on Wednesday pitched a dramatic tax overhaul that would be "the biggest ever" tax cut for middle-class Americans. The pitch included few specifics, but if it resembles past blueprints, there is little doubt that it will indeed be a historically massive tax break—just for rich Americans like Donald Trump.
There are better ideas. One comes, surprisingly, from the chief adviser whom Trump just fired.
In July, several news outlets reported that Steve Bannon a new tax rate for the richest Americans. Strangely, this puts the alt-right ringleader on the same team as Massachusetts liberals, who recently to put a millionaire tax—a new tax on all income
