Mnuchin: Tax Reform Plan Provides Higher Burden on Millionaires

The Republican tax plan in the House of Representatives will put a higher burden on millionaires, but give tax breaks to everyone else, according to Treasury Secretary Steve Mnuchin.

"The objective of the plan is to simplify taxes and level the playing field," Mnuchin said Friday on CNBC's "Squawk Box."

While some parts of the plan expire, Mnuchin said he expects that Congress will extend those parts. He also said he was "very excited" that the tax reform plan would get to President Donald Trump for signing before Christmas.

"For someone who makes $100, $200, $300,000 in high-tax states, they will get tax cuts. People who make a million dollars or more, their taxes are going to go up on the personal side," Mnuchin said.

"Having said that, they're going to get the benefit of a business tax reduction, which will be very, very good for New York. They're going to get the benefit of pass-through reduction, which will be very good for small- and medium-size businesses and entrepreneurs."

The House tax plan doubles the standard deduction for those who itemize, to make up for the removal of the state and local tax deduction. The bill would also change the current seven tax brackets to four, cut rates, and decrease the corporate tax rate from 35 percent to 20 percent.

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