Mnuchin Says It’s ‘Very Hard Not to Give Tax Cuts to the Wealthy’
Senate Prepares for Vote-a-Rama on Tax Reform
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U.S. Treasury Secretary Steven Mnuchin said in an interview published Wednesday that the Republican tax plan will include breaks for the wealthy, a rhetorical reversal that contradicts President Donald Trump’s promises that the rich won’t enjoy a net tax cut.
“The top 20 percent of the people pay 95 percent of the taxes. The top 10 percent of the people pay 81 percent of the taxes,” Mnuchin told Politico. “So when you’re cutting taxes across the board, it’s very hard not to give tax cuts to the wealthy with tax cuts to the middle class. The math, given how much you are collecting, is just hard to do.”