Mnuchin Dismisses Idea of 40 Percent Top Tax Rate for the Rich

The White House is “absolutely committed” to getting its tax overhaul proposal through Congress by the end of the year — and that plan won’t include a 40 percent tax rate for the richest Americans, Treasury Secretary Steven Mnuchin said.

“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” on Sunday.

The “objective” of the proposal is still that no one in the middle class will have a tax increase, Mnuchin said. “We’re finalizing the details of the plan, so there’s certain issues that are still on the table.”

Mnuchin said there’s no consideration being given to a plan reported by the website Axios last week that the top personal tax rate should be 40 percent or more. The idea was being pushed by Trump adviser Stephen Bannon, Axios said.

“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.” full story

Follow Us


Get Updates!

About Rhett October 1056 Articles
Rhett October is a man independent of the nanny state. He sees what is obvious but to many others is a successful deception. He has a crush on Tomi Lahren. Follow him on Twitter @RhettOctober "After this, there is no turning back. You take the blue pill—the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill—you stay in Wonderland, and I show you how deep the rabbit hole goes. Remember: all I'm offering is the truth. Nothing more." -Morpheus