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Steve Bannon: “I'm all for increasing taxes on the, they will have a tax…”

Featuring: Steve Bannon, Former White House Chief Strategist | National

And, This is Steve Bannon | This is Gavin Newsom

Published March 12, 2025 | Video Starts at 54:34

I want them to go back to the old rates and they have to pay the old rates. And then additionally, if they can't help us get this under control, I'm all for increasing taxes on the, they will have a tax increase if President Trump doesn't extend it. but then I think we'll have another, have another tax increase. The 1%, the top 3%. (54:34–54:41)

CLAIM

Asserts support for increasing taxes on the wealthy if tax cuts are not extended.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Steve Bannon

“I think the top 3% consume almost 50% of what's going in the country.”
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“There's 2 trillion on the audit. I think there's 2 trillion assets they can't put their hands on.”
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“Our trade deficit in I think in January alone was a record trade deficit. I think it was $100 billion.”
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“Between 1998 and 2005 we lost 5,000 small manufacturers and a couple of million jobs because we shipped it all to China.”
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“Goldman Sachs got bailed out. AIG, no corporate guys ever went to prison on the worst bailout.”
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“The Federal Reserve's balance sheet went from $880 billion to I think, four and a half [trillion].”
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“We will never pay off one penny of the face amount of the debt as we increase this now about every hundred days of another trillion dollars.”
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“Our national security right now is $1 trillion. And we are, I think at about a trillion two to a trillion four in interest payments alone.”
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“President Trump won the 2020 election.”
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“No one in American history has the system ever come after [a person] like [it did with Trump].”
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“We as a Republican Party are the working class party and viewed as such.”
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“In 17, I was a big advocate of raising the rates on the upper bracket and doing more to the lower bracket of corporations.”
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“Today the House will approve the Biden Kamala Harris spending for this year.”
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“The House has not gotten their act together to get these single subject appropriations bills done.”
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“I've been a big proponent that Those programmatic have to start in the Defense Department.”
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“We're at a trillion dollars now. And that's one of the reasons of this post war international rules based order.”
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“You have to do programs and billets to get, to get the budget deficit to 3 and a half percent of GDP.”
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“The inflation number went from 2.2% to 4.2% and it really didn't even get mentioned in the business press.”
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“You have to finance now essentially a third of the debt every year.”
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“I think President Trump's hemisphere the shift to hemispheric defense, which is from Greenland to the Panama Canal.”
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“I think there should be significant cuts to the Defense Department.”
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“There's a lot of MAGA on Medicaid.”
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“If we went back to pre Covid spending.”
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“We don't have a revenue problem. We have a spending problem.”
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“The bond market has turfed out more governments than howitzers.”
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“The Italians are probably close to a sovereign debt crisis.”
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“President Trump wants to go back to more external revenue. That's part of the tariffs he looks at.”
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“Over the last three or four weeks you've had almost a trillion dollars. I think it's $800 billion from Honda, from Siemens, from Apple, it…”
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“On April 2nd, you're going to have reciprocity and tariffs and in India and Canada.”
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“Kids from California are not going to be on carrier battle groups [in the Red Sea] to keep the Suez Canal open.”
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“Biden in entire four years was $1.7 trillion of capital investment back here from, I think companies.”
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“Trump's almost at a trillion dollars in four weeks.”
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“We did the most significant tariffs we've ever done on the Chinese Communist Party in President Trump's first term.”
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“The tariffs didn't increase prices.”
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“You've concentrated wealth so dramatically here since the financial crash of 2008.”
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“Corporate America is my enemy number one. They're the leader in the WOKE movement in this country.”
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“One of the reasons I hate allowing them to do stock buybacks is they game the system to drive up stock prices.”
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“Silicon Valley is an apartheid state.”
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“The financial crash, Geithner and Bernanke went to a classic Wall street bailout.”
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“We had the greatest concentration of wealth until the pandemic happened with the 1%.”
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“We wouldn't pursue antitrust, we wouldn't pursue FTC or the Justice Department [against tech companies].”
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“They are now about digital platforms and rent. They're rent seekers.”
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“We're going to have a massive problem about unemployment [due to AI].”
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“Silicon Valley comes...we need a $500 billion bailout because of the Sputnik moment.”
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“We need to take control of all the national labs.”
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“We first thing we need is Lina Khan and we love you got Rid of her.”
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“She's a neo Brandeisan after Louis Brandeis, which always warned against the concentration of private power.”
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“The hardcore populist wing of the MAGA movement really wants to target Silicon Valley, break them up.”
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“At Treasury...a very smart analysis about M and A and about the oligarchs.”
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“Their Damascene moment was 11pm Eastern Standard Time on 5 November, when Pennsylvania was called for Trump.”
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“No one's ever written a $250 million check when they know.”
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“He backed it on the least sexy aspect, which is backing grassroots going door to door.”
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“I laid out this concept at CPAC in 17, that it was going to be...populist economics and economic nationalism, America first, national…”
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“The administrative state that's kind of anti democratic.”
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“We have to get control of federal spending. If we don't, we're never going to get rid of inflation.”
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“No country's ever come back economically that its debts above its GDP.”
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“No nation, a national security has ever survived as a major power when the interest payments on their debt go above what they pay for…”
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“If you want to have a shot to get the three and a half, four percent growth, you got to have a supply side tax cut.”
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“I want them to go back to the old rates and they have to pay the old rates.”
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“Germany had this maniacal...fetish on [carbon zero]...They've de-industrialized themselves.”
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“The beginning of the kinetic part of the Third World War has got to be stopped.”
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