U.S. Treasury Secretary Promises No Tax Increase… For The Rich
U.S. Treasury Secretary Steven Mnuchin said on Sunday, July 9, that Trump’s administration is “absolutely committed” to passing its new tax overhaul through Congress this year, which includes no tax increase for the wealthiest Americans.
"Our plan is to have a full-blown release of the plan in the beginning of September, with being able to vote and getting this passed before the end of the year," Mnuchin said on ABC's "This Week."
Although he claims that the “objective” of the proposal is to avoid increasing taxes on the middle class as well, he admits that “there’s certain issues that are still on the table.”
President Donald Trump’s Chief Strategist Steve Bannon has been pushing for a 40% or more tax rate for the richest Americans according to the website Axios.
"I have never heard Steve mention that," Mnuchin said. "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."
Mnuchin claims that the House and Senate leadership are meeting with administration official every week in an effort to complete the proposal.