Mnuchin Kills Idea Of Tax Hike For The Wealthy

Last week the Republican party was at arms after Axios reported that Steve Bannon was said to be pushing president Trump to raise taxes on the wealthiest Americans. According to the website, Trump’s chief strategist was urging to raise the top tax rate on individuals, with Axios saying the former Breitbart CEO looking for the top rate to have ‘a 4 in front of it’ (currently, the highest income-tax bracket in the US is 39.6% for individuals earning more than $414,000 a year).
Well, they can now sleep easier after Treasury Secretary Steven Mnuchin on Sunday killed that particular idea, saying that the Trump administration is not considering a plan to raise taxes on the wealthiest Americans in order to pay for tax breaks for the middle class. Speaking on ABC’s “This Week,” Mnuchin said the administration plans is ‘absolutely committed’ to releasing its tax plan in early September, and getting it through Congress by the end of the year – and that plan won’t include a 40 percent tax rate for the richest Americans.
‘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.’

This post was published at Zero Hedge on Jul 9, 2017.