Steve Bannon is sounding the alarm on a familiar GOP policy, urging President Trump to hold the line on tax cuts for the ultra-wealthy. As America faces a ballooning $1.3 trillion deficit, Bannon argues that extending 2017-era tax breaks for the rich could be both fiscally reckless and politically tone-deaf—especially as the Republican base continues shifting toward working-class voters. GOP Reconsiders Old Orthodoxy For decades, Republican tax policy has followed a predictable script: cut taxes across the board. But now, with wealthy voters drifting left and blue-collar workers leaning Republican, that doctrine is under review. Senator Kevin Cramer (R-ND) admitted the conversation about raising taxes on high earners is “interesting,” signaling openness to the idea. Exit polling from recent elections shows the GOP’s new core voters are more likely to be plumbers, truckers, and waitresses than hedge fund managers or Silicon Valley elites. Many of them don’t benefit from capital gains loopholes or high-income write-offs—and they’re increasingly demanding tax fairness. Bannon’s Plan: Cut for the Workers, Not the Wealthy Steve Bannon, long a populist firebrand, is warning Trump that blindly extending all tax cuts would inflate the deficit without helping Main Street. Instead, he’s recommending targeted relief—like eliminating taxes on tips and overtime—moves that would directly benefit service workers, hourly laborers, and the people fueling America’s economy. “We Have Decreasing Alternatives Because We Have $36 Trillion In Debt” Steve Bannon Calls For A 3.5% Deficit Of GDP pic.twitter.com/VtYkjRB3al — Bannon’s WarRoom (@Bannons_WarRoom) April 17, 2025 Bannon argues that failing to adapt could hurt the GOP politically and worsen the debt crisis. “We’ve got to get serious about spending and focus on growth that actually lifts the working class,” he warned. Party Fractures Over Policy Shift Still, not all Republicans are on board. Senator Ted Cruz and House Majority Leader Steve Scalise are among those firmly opposing any rollback of tax cuts for top earners. “I think it is a mistake to raise taxes,” Cruz declared. “I don’t believe Republicans are going to do that.” Bannon: Over in the Senate, they’re doing gimmicks, they’re doing games. The American people don’t want to see it. There has to be cuts. Taxes on the wealthy have to be increased. pic.twitter.com/MQHyltDdsY — Grace Chong, MBI (@gc22gc) April 7, 2025 But even Senate Majority Leader John Thune is leaving the door open to adding a higher tax bracket for those earning over a million dollars annually. Meanwhile, Treasury Secretary Scott Bessent hasn’t ruled out allowing some of the 2017 cuts to expire, particularly for the ultra-rich. Sources: Steve Bannon supports increasing taxes on the wealthy Republicans reconsider their commitment to tax cuts for the rich in Trump agenda bill