Tags: Trump Administration | Trump Tax Reform | steve mnuchin | treasury | secretary | tax cut

Mnuchin: GOP Tax Plan Aimed at Middle Class

(Fox News' "Tucker Carlson Tonight")

By    |   Monday, 06 November 2017 09:26 PM

The Republican Party's tax proposal is aimed at the middle class and could encourage businesses to bring back as much as $5 trillion to the United Sates, Secretary of the Treasury Steven Mnuchin said.

Mnuchin spoke with Fox News' Tucker Carlson about the tax plan that is currently on the table.

"This is not about tax cuts for rich people, this is about tax cuts for the middle class and for working Americans," Mnuchin said. "We are going to raise the standard deduction to $24,000 for families. At the Reagan Library, there's no better place to [pay] tribute to what was done 31 years ago with President Reagan. President Trump's tax reform will be even bigger."

The interview took place at the Ronald Reagan Presidential Library in Simi Valley, California.

Carlson noted the plan eliminates the state and local sales tax deduction and caps the mortgage deduction at $500,000. Mnuchin went on the defense and then said no plan is perfect for everyone.

"That's an awfully big home in mostly every single part of this country," he said. "We are cutting out lots of loopholes throughout the whole tax plan. There will be people who don't like bits and pieces, but people understand this is a pass-fail exercise. It's critical to the economy, and we are going to get it done."

Another big benefit of the plan is the lowering of the corporate tax rate from 35 percent down to 20 percent.

"This will be about creating more earnings — more important, bringing back capital," Mnuchin said. "We will encourage companies to bring back trillions of dollars that will be invested here to have new jobs, new factories, new buildings, new manufacturing manufacturing."

When asked how much money could return to the U.S., he said, "$3 trillion at least. The president thinks it could be four or five."

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Secretary of the Treasury Steven Mnuchin spoke with Fox News' Tucker Carlson about the tax plan that is currently on the table.
steve mnuchin, treasury, secretary, tax cut
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2017-26-06
Monday, 06 November 2017 09:26 PM
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