Tags: Trump Administration | Trump Tax Reform | mnuchin | trump | tax plan | jobs

Mnuchin: Trump's Tax Plan About Jobs, Not Tax Cuts for the Rich

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By    |   Thursday, 27 Apr 2017 08:34 AM

President Donald Trump's tax plan isn't about making a dramatic cut in taxes for the wealthy, but about lowering tax rates "in return for getting rid of massive amounts of deductions and special interests," Treasury Secretary Steve Mnuchin said Thursday.

"When we lay out the exact details of the plan, what you'll see is, this is about reducing taxes and tax simplification," Mnuchin told NBC's "Today" anchors Matt Lauer and Savannah Guthrie. 

"This is about a middle-income tax cut.This is about having sweeping tax cuts, the largest tax cuts in history, the largest tax reform program in history, to create American jobs. This is all about jobs, jobs, jobs."

Trump is determined to create economic growth of 3 percent or higher, Mnuchin continued, and his tax plan lowers business taxes in order to make the nation's companies more competitive.

Lauer pointed out that the Committee for a Responsible Budget, a nonpartisan public policy organization, has reported Trump's plan will result in between $3 trillion and $7 trillion fewer dollars coming into the government's coffers, but Mnuchin said the Trump administration does not agree with those numbers or think they are accurate.

"When we come out with the details of the plan, we'll show this is going to be paid for by a combination of economic growth, which will be around 3 percent or slightly higher, and a combination of reducing massive amounts of deductions and special interests," Mnuchin said.

The administration is working closely with Congress to pass a tax bill, Mnuchin continued, disagreeing with a contention that paying for tax cuts with economic growth is a "Washington fairytale."

"There are plenty of economists who have lined up with what we're saying," he responded. "There are many studies that show 70 percent or more of the tax burden of corporations is borne by American workers."

He also disagreed with Lauer when asked if it will be difficult for Trump to sell his tax plan when he has not released his own tax returns.

"I think the American public is comfortable with the information the president has released," said Mnuchin, who said during a briefing Wednesday Trump has no intention of releasing his returns. 

"I'm going to let the president decide what he's going to do in the future," said Mnuchin. "That's obviously up to him. What the president is focused and I'm focused on is, creating opportunities for the American public."

Meanwhile, Mnuchin would not guarantee on ABC's "Good Morning America" that middle-class families won't pay more under Trump's overhaul plan.

"I can't make any guarantees until this thing is done and it's on the president's desk," he said.

The tax blueprint cuts corporate taxes to 15 percent for large and small businesses while consolidating categories for individual taxes, but left out question about how the plan will affect the middle class and the wealthy, ABC noted.

"The details of taxes are very complicated and we're committed to working quickly and getting this done," Mnuchin said.

The treasury secretary told the "CBS This Morning" program that Trump is concerned that debt "has grown from $10 [trillion] to $20 trillion dollars under the last administration. As we go through the details of the plan, we'll be comfortable that we can pay for most of the plan. And that's something we will be looking at when we report the 10-year numbers."

He also told show anchor Charlie Rose that it is no surprise that many corporations have left "trillions of dollars off shore, given the complexity of our system and the way it works."

To work with that, the administration plans a one-time tax repatriation, and expects to return trillions of dollars to the United States, said Mnuchin.

"That will be invested in American capital and American jobs and that's is what this is all about," he said.

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President Donald Trump's tax plan isn't about making a dramatic cut in taxes for the wealthy, but about lowering tax rates "in return for getting rid of massive amounts of deductions and special interests," Treasury Secretary Steve Mnuchin said Thursday.
mnuchin, trump, tax plan, jobs
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2017-34-27
Thursday, 27 Apr 2017 08:34 AM
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