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Steve Bannon: “There was no taxing of the wealthy under Biden.”

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

Trump's Power & the Rule of Law: Steve Bannon (interview) | FRONTLINE

Published July 23, 2025 | Video Starts at 44:46

They were to tax the billionaires. Tax the billionaires. They controlled the House and the Senate. That never even got to a committee. There was no taxing of the wealthy under Biden. There was never even an attempt to tax the wealthy. Why? Because the wealthy control the Democratic Party. They've abandoned the working class. (44:46–44:48)

CLAIM

Asserts that there was no attempt to tax the wealthy during Biden's presidency.

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

“You're managing an apparatus that spends about 6.5 to $7 trillion a year, has assets I don't know of, they say $80 to $100 trillion.”
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“There are 18 million contractors [working for the government].”
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“The New York Times admitted the other day that the border's essentially been sealed.”
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“In the last six months... $4.4 trillion of wealth... have accreted to the top 1%.”
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“The southern border has been secured in 60 days.”
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“The attorney general reports directly to [the President], the FBI director reports to [the President].”
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“The radical left essentially separated the attorney general, that entire system from, particularly from Republican presidents and President…”
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“Said 92 indictments. Jack Smith. The indictments around Jack Smith, I think were 300 years in prison.”
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“If somehow the election's stolen in 2028 like they stole it in 2020, the first thing they're going to do is it's all going to go back again…”
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“This entire process we're going through now is to purge these institutions of this.”
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“What they did is so radical in turning the apparatus of the government against its people. It was almost like East Germany.”
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“You haven't seen any weaponization of this Justice Department.”
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“I think the House should have named massive investigations.”
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“President Trump is a moderate. He's somebody that balances every part of the equation and thinking through what action should be taken.”
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“You essentially have about 4,000 or 5,000 executives. You put in three to 4,000. You put in right away. Another thousand have to be Senate…”
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“The big steel stealing the 2020 election was providential.”
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“We were able to... build the MAGA movement, particularly with low information and low propensity voters.”
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“We hit 1000, 2000 and now close to 3000 in record time.”
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“One of the central aspects of that was the thesis of deconstruction, administrative state.”
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“You have about 10 million people that individuals or billets that run the government.”
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“The controversial $2 billion...it's paid to contractors.”
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“The office of the President is endowed with this power and I'm going to take executive action around it.”
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“The framers of the Constitution wanted a strong executive and wanted an executive that drove the action.”
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“Gorsuch is absolutely central to the entire thing because Gorsuch in the transition, he kind of comes out of nowhere.”
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“Gorsuch was looked at as the young intellectual Jurist about the Chevron deference.”
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“The focus was going after the administrative state.”
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“President Trump and the core team around him, we were deplatformed by big tech.”
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“We were debanked. All my banks I've been business with for 40 years, I was debanked by every bank.”
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“All our law firms fired us.”
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“None of the big law firms would represent Trump.”
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“These law firms... essentially control the country.”
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“These law firms combined with these private equity institutions are too powerful.”
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“President Trump is totally shifting [the defense strategy] back to hemispheric defense.”
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“President Trump sealed [the border].”
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“The answer to that is yes, and it should be done. It should have been done immediately and many more should be done.”
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“We're running $2 trillion deficits because of what's happened in Covid and the kind of spending that went on Covid we haven't gotten rid of.”
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“We spent six and a half or seven trillion dollars a year. We raised in taxes four and a half trillion.”
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“The reason we have inflation is we have a massive Keynesian stimulus every year.”
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“We've added, what, 60, $16 trillion of debt in the last, you know, the last couple of years.”
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“There's a trillion dollars of waste, fraud and abuse.”
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“President Trump has said repeatedly the cabinet controls that we're going to follow statutory, like for instance in VOA in these places.”
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“They're also going to put USAID under the State Department, but they're going to zero these out.”
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“The President of the United States as chief executive has the ability to make personnel decisions and to fire anybody.”
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“The appropriations process... is the legal process that we go through to create a law to appropriate the money.”
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“The money was going to all these NGOs that were supporting the invasion of the country.”
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“You had more concentration of wealth in President Obama's term than you ever had in the history of the country.”
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“During the pandemic, you had another great concentration of wealth.”
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“They spend $900 billion a year [at the Pentagon].”
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“The wealthy control the Democratic Party.”
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“You can't extend the tax cuts for the top upper bracket.”
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“They took away the security clearances.”
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“Any firm that retains you will not be eligible for government contracts.”
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“The American people should understand. They all feed at the trough of public money.”
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“They cratered because they weren't going to have access to government.”
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“The whole system changes with this.”
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“This may be the mortal blow that destroys it.”
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“Once you cut off the public money or access to it, they fold.”
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“President Trump's just direct actions in the courts [have started to get control of immigration].”
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“Biden did [immigration policy] in conjunction with the NGOs that were paid for by either your religious organizations like the Catholics…”
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“Catholic Charities being the worst, and I'm a Catholic or usaid paid for by your taxpayer dollars to basically bring in economic…”
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“It was a very organized way to basically invade, bring in cheaper labor into the United States to drive down wages among lower skilled…”
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“You have an organization he's designated as a terrorist criminal organization that's terrorized people from Colorado all over the country…”
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“The courts have been too radical. This is a judicial insurrection.”
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“You have a constitutional crisis because one of the tests of this theory is that it's supposed to be checks and balances.”
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“The courts threw us into a constitutional crisis because they want to be supreme to the chief executive.”
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“This goes back to FDR and the packing of the court.”
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“This had to happen between the courts and the executive branch.”
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“The Justice Department was weaponized against people.”
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“The J6 committee...ask[ed] for something that's never been given in the history of this country, a blanket preemptive pardon.”
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“Donald Trump does not blink. Donald Trump's about action and driving through.”
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“The election [was] stolen in 2020.”
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“It's either a constitutional republic under the rule of law or it's not.”
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