Treasury Secretary Steven Mnuchin said Sunday the tax reform plan set to be introduced later on this week will not reduce taxes on upper-income earners.
Mnuchin said on CNN’s “State of the Union” Sunday the current tax reform plan adheres to the so-called “Mnuchin Rule” that stated there would be no major tax cut for the rich.
“I can tell you the current plan for many, many people, it will not reduce taxes on the high end,” Mnuchin said.
However, Mnuchin was not as absolute on the pledge as he was during his confirmation process for Treasury secretary.
“It was never a promise or it was never a pledge. What it was and it is still, it is what the president’s objective was,” Mnuchin said. “Now, we’ve been working with the bipartisan leadership. We look forward to releasing the plan this week.”
Mnuchin promised the plan has been developed in a bipartisan manner and would come out later this week, reportedly on Wednesday.
“We’ve been working with the bipartisan leadership. We look forward to releasing the plan this week,” he said. “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. And as it relates to the high end, you know, there’s lots of changes. We’re getting rid of lots of deductions. We’re trying to get rid of state and local deductions to get the federal government out of subsidizing it.”
