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Treasury Sec. Mnuchin On Trump Tax Plan: No Absolute Tax Cut For Upper Class ‘Was Never A Pledge’

Corporate Greed

Treasury Sec. Mnuchin On Trump Tax Plan: No Absolute Tax Cut For Upper Class ‘Was Never A Pledge’




Treasury Secretary Steven Mnuchin on Sunday said during an interview on CNN’s “State of the Union” that “it was never a promise, it was never a pledge” that there would be no absolute tax cut for the upper class in President Trump’s tax reform plan.

“Can you reaffirm that pledge that there will be ‘no absolute tax cut’ for the upper class?” CNN’s Jake Tapper asked Mnuchin.

“It was never a promise. It was never a pledge. … It was what the president’s objective was,” Mnuchin said.

“We look forward to releasing the plan this week,” Mnuchin added.

“I think what’s important about this plan is it creates a middle-income tax cut. It makes businesses competitive and it creates jobs. That’s what this is all about.”

Mnuchin said there are “lots of changes” as it relates to the “high end.”

“We’re getting rid of lots of deductions,” he said. “And yes, I can tell you, the current plan for many, many people, it will not reduce taxes on the high end.”



The Hill added:

His comments come after Axios reported Saturday that the wealthiest Americans will pay a top tax rate of 35 percent under a plan crafted by Trump administration officials and GOP leaders.

The 35 percent rate is lower than the current 39.6 percent paid by the country’s top earners. President Trump previously said the wealthiest Americans would not receive a tax cut under his reform plan.

Democrats have said they will not support a tax plan that would cut rates for the wealthiest Americans or raise the deficit, which the proposal would likely do.

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