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Washington - White House Says Tax Plan To Help Business, Middle Class

Published on: September 24, 2017 06:30 PM
By: AP
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Treasury Secretary Steven Mnuchin speaks at a press briefing at the Hilton Midtown hotel during the United Nations General Assembly, in New York, Thursday, Sept. 21, 2017. (AP Photo/Andres Kudacki)Treasury Secretary Steven Mnuchin speaks at a press briefing at the Hilton Midtown hotel during the United Nations General Assembly, in New York, Thursday, Sept. 21, 2017. (AP Photo/Andres Kudacki)

Washington - A proposed tax overhaul set to come out this week from Republicans will offer help for the middle class and businesses, President Donald Trump’s Treasury secretary said.

The developing plan “‘‘creates a middle-income tax cut, it makes businesses competitive and it creates jobs,” Steven Mnuchin said in a television interview Sunday, adding there are changes, too, for the “high end,” including “getting rid of lots of deductions.”

He did not offer specifics.

The White House and tax-writing Republican leaders are expected to begin filling in some of the details on Trump’s bid to simplify the tax system, a legislative priority. Trump plans to promote the overhaul heavily, including during a visit to Indiana on Wednesday.

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People familiar with the plan that is being written entirely by Republicans have said the administration is considering lowering the corporate tax rate from its current 35 percent to somewhere in the low 20s. The plan probably would seek tax cuts across the board for individuals and reduce the number of tax brackets from seven to three.

Details were not coming from White House legislative director Marc Short when pressed whether the plan would cut the individual rate for the wealthy.

“There are still conversations. The president has to sign off on that, and he’ll make his announcement on Wednesday what the final number is,” Short said.

In the past, Mnuchin has said there would be no “absolute tax cut” for the wealthy.

On Sunday, he said: “It was never a promise. It was never a pledge. What it was and it is still, it was what the president’s objective was.”

He added: “The current plan for many, many people it will not reduce taxes on the high end.”

Lawmakers on the House Ways and Means Committee planned to meet Sunday and Monday to discuss taxes.

Mnuchin appeared on ABC’s “This Week,” and Short was on “Fox News Sunday.”

 



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Read Comments (4)  —  Post Yours »

1

 Sep 24, 2017 at 07:15 PM Anonymous Says:

He is lying. It will help the millionaires and the lower class rich. What a lie

2

 Sep 24, 2017 at 10:21 PM savtat Says:

A 10% flat tax would do the trick, but it would take away the huge power brokers in congress, so it will never happen.

3

 Sep 25, 2017 at 05:26 AM Anonymous Says:

Reply to #1  
Anonymous Says:

He is lying. It will help the millionaires and the lower class rich. What a lie

Please explain - in detail - your reasoning.

4

 Sep 25, 2017 at 03:08 PM TRump Iz a hypocrite Says:

Remember when our last POTUS proposed to reduce the corporate tax to 28%, the GOP balked and said that it would increase the national debt.

Remember?

Hypocrites!

5

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