Difficult not to cut taxes for top 10%

U.S. Treasury Secretary Steven Mnuchin said on Friday which which was difficult for the Trump administration’s tax plan not to cut taxes for the wealthiest earners.

“If you’re cutting taxes, which is actually hard to create a system where you’re not going to also cut taxes on the top 10 percent,” Mnuchin said at an Institute for International Finance event in Washington on the sidelines of the IMF along with World Bank semi-annual meetings.

“I’d also say which 10 percent invests a lot of money so what we’re trying to do is actually not create disproportionate tax cuts to the top,” he added.

Mnuchin said he still expects tax reform legislation to reach President Donald Trump’s desk for signature in early December.