Mnuchin: Tax Reform Rid US of 'Deductions Rich People Take'

To small businesses, self-employed entrepreneurs, and clergymen who are nervous the recently passed tax reform bill gets rid of deductions that help lower their taxes, Secretary of the Treasury Steven Mnuchin offered assurance Thursday they would be top beneficiaries of the measure that took effect Jan. 1.

"This is about tax simplification and getting rid of deductions – a lot of the deductions that rich people take," Mnuchin told Newsmax during a surprise appearance at the daily White House press briefing.

"But I will tell you," Mnuchin quickly added, "one of the best features of the tax plan are all the features that go to small and medium-sized businesses and pastors."

He pointed to "tremendous incentives" in the landmark tax package, citing "the automatic expensing [and] the discount for pastors."

"We've heard more good news from small business than we've heard from the Walmarts of the world, and the self-employed, too," Mnuchin told us.

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.