Last week, rich people in America were given the fright of their lives when rumors circulated that White House senior adviser Steve Bannon had been pushing to increase the top income tax bracket to 40 percent or more. As Axios’s Jonathan Swan reported, Bannon has supposedly told colleagues he wants the highest tax bracket to “have a 4 in front of it,” up from the 39.6 percent it currently clocks in at. (Of course, few people actually pay that rate thanks to deductions and loopholes.) The following day, Fox News reported that an administration source had confirmed that Bannon was pushing hard to raise the rate.

This was the sort of news, of course, that had top earners blowing into paper bags, at least until the panic attacks subsided, on Sunday, when Treasury Secretary Steven Mnuchin explained on ABC’s This Week “I have never heard Steve mention that. It’s very clear, kind of, we have a proposal out there that the administration has put out, with a top rate of 35 percent, where we reduce and eliminate almost every single deduction.”

Those who have been keeping up with the reality TV show that is the West Wing, though, may not have felt completely reassured. After being demerited within the administration on account of, among other things, the botched travel ban rollout, a Time magazine cover that called him “The Great Manipulator,” clashes with First Son-in-Law Jared Kushner, an eviction from the National Security Council, and the president's epithet that he was just “a guy who works for me,” Bannon has reportedly re-endeared himself to Trump's meaty bosom and apparently used the opportunity to argue for his populist, nationalist agenda. In a sign that his voice—which we’ve got to assume sounds exactly like Darth Vader’s—has ascended, the president pulled out of the Paris climate agreement last month against the advice of, among others, his daughter Ivanka Trump, Secretary of State Rex Tillerson, scores of major C.E.O.s, and basically all of Europe. Heading into the Fourth of July weekend, we learned that Trump is itching to start a trade war at the behest of Bannon, Wilbur Ross, and Stephen Miller—despite the concerns of humankind.

But even with Bannon back in power, his juice may be unlikely to move the needle on the most sacrosanct of Republican legislative topics: asking mega-rich people to pay even a penny more in taxes. So, despite some hand-wringing and clammy palms, rich people likely need not worry about this latest bout of nationalistic rabble-rousing. After all, when the president sent out Mnuchin and economic adviser Gary Cohn to present his tax plan in April, the one page, double-spaced series of bullet points might as well have simply read “tax cuts” over and over in 32-point font. The plan heralded the eradication of the inheritance tax, and slashed the corporate rate from 35 percent to 15 percent, which would allow for hedge fund managers, lawyers, and owners of the Trump Organization to pay a piddling 15 percent on their income. The Trump Administration, after all, isn't that crazy.