President Donald Trump’s tax plan unveiled Wednesday aims to help middle-income Americans by creating jobs and growing the economy, Treasury Secretary Steven Mnuchin said.
The plan also is about making tax filing simpler by limiting most deductions, while doubling the personal deduction, Mnuchin told Fox News’ “Tucker Carlson Tonight.”
“The effective tax rate will not be a reduction for the rich,” Mnuchin said, answering a common criticism of Democrats.
Carlson asked if that meant the rich would pay higher taxes.
“We’ll see,” Mnuchin said. “It won’t be a reduction. It is about creating jobs.”
The purpose of the plan, which is short on details, is middle-class tax cuts and lowering taxes on businesses to make them more competitive, Mnuchin said.
“We have high business rates; we tax on worldwide income,” he said. “This is all about changing that. This is about massive reductions in business rates, for corporations, and for small businesses. Many studies show that 70 percent of the tax burden falls on American workers.”
The secretary said he would hope that would help lure Democratic support.
“This is good for America, good for the economy,” he said.
Trump’s overall goal is creating growth whether that be through trade policies, regulatory relief or tax cuts, Mnuchin said.
The plan will be hard to pass before summer, though the administration wants to “do this fast,” he said.
Source: newsmax – Steven Mnuchin: Tax Plan Aimed to Help Middle Class, Not Rich
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