STEVE DOOCY (CO-HOST): Well, they helped put him in the White House, and now President Trump assuring thousands of working-class voters in Ohio, a couple of nights ago, those tax cuts he promised? On the way, folks.

[...]

STUART VARNEY: I have got something new for you. This a group of people who did not vote for President Trump. That is the super rich. There is now a proposal -- that's what we hear, a vague proposal -- to raise taxes. Raise taxes on very wealthy people.

DOOCY: How wealthy?

VARNEY: $5 million a year or more. The proposal, which we're hearing, it's not a firm proposal, it's wafting around out there -- a 44 percent top tax rate.

DOOCY: Whoa.

VARNEY: Right now, it's at 39.6 percent. They want to -- Steve Bannon is pushing for 44 percent at the top rate. Now, here is what is happening. They want to raise the tax rate on the very wealthy people to bring in more revenue. That would pay for tax cuts for middle America, where they are going to lower tax rates and streamline deductions, and basically give more tax credits. So that's the equation. This is political necessity. The super rich did not vote for President Trump. Working class people, a lot of them, actually did--

DOOCY: Robin Hood.

VARNEY: Middle America did vote for him. They get the tax cuts. The rich pay more. That's a complete reversal of everything you have ever thought about from the Republican Party.

AINSLEY EARHARDT (CO-HOST): Yeah, that should make the Democrats very happy. They kept running saying this president is going to put more money in the pockets of the rich people. That's not the case.

VARNEY: Well, it's political necessity to some degree. Here is the president who stands for middle-class tax cuts. But here is a president who has got to pay for them, and you pay for them by taxing that group of people who didn't support you in the first place.

BRIAN KILMEADE (CO-HOST): Right, because there is a rule in Congress that you have to have these tax cuts paid for some way. That's why the original border tax was brought up. Not many people love taxes, but they had to find out a way to balance out the tax cut. Now what does this mean for corporate tax? The president is holding his line firm at 15 percent because he wants to repatriate that money. If it is 20 percent there is no real incentive even though it's a cut.

VARNEY: That is a separate discussion. You are right. The president wants it all the way down to 15 percent, the corporate tax rate. At the moment it's 35 percent. He wants it down to 15 percent. They are saying “you can not really do that we can not afford to do that. Maybe it should be more like 20 or 25 percent.” But that corporate tax rate is going to come down. But that is a separate issue from taxing the rich.

DOOCY: It is completely different. So, just to recap. Steve Bannon has suggested 44 percent. Had the Democrats -- rather, had the Republicans in Congress been able to strip away that about 4 percent Obamacare tax, then people might say “well, you know what? I just got a 4 percent payday with that, I'm willing to go a little higher.” But now they are getting it twice.

VARNEY: If you get a 44 percent tax rate, top rate for the federal tax rate, plus you've still got the Obamacare extra taxes on wealthy people--

DOOCY: You're close to 50.

VARNEY: You're looking at the government taking half of the income of very wealthy people.

Previously:

Steve Doocy starts clapping when Trump economic adviser says they will move on tax reform this year

Broadcast evening news programs pilloried Trump’s tax cut outline

Right-wing media praise “populist” Trump tax plan that's anything but

Experts and critics tear apart Trump’s recycled tax and economic policy reforms