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