White House: Tax Plan Helps Businesses 09/24 12:38
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.
SOMERSET, N.J. (AP) -- 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.
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
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."