of which represents a dramatic reversal coming from Mnuchin’s initial assertions on the subject. After last November’s election, he appeared on CNBC to pledge of which wealthy Americans would likely receive no tax cut whatsoever.
“Any reductions we have in upper-income taxes will be offset by less deductions to ensure of which there will be no absolute tax cut for the upper class,” Mnuchin told CNBC’s “SquawkBox” then.
“When we work with Congress along with go through This specific, of which will be very clear: This specific is usually a middle-income tax cut.”
After the administration took office in 2017, Mnuchin began softening of which pledge, which had come to be known as the “Mnuchin Rule.” When I interviewed him in May at the Peter G. Peterson Foundation’s Fiscal Summit, he described avoiding tax cuts for the rich as a goal, not a commitment.
“The president’s objective is usually to create a middle-class tax cut,” he told me. “I can’t pledge what the results will be, since the results are going to be a combined effort of the administration along with the House along with the Senate.
“The president’s priority has been not cutting taxes for the high end,” Mnuchin continued. “His priority is usually about creating a middle-income tax cut. So we’ll see where of which comes out.”
Where of which arrived, according to analysts at the Tax Policy Center, was a tax plan of which in 2027 would likely give 80 percent of the benefits to the wealthiest 1 percent of Americans. of which figure involved some educated guesswork based on details in earlier GOP proposals, since the White House-Congress “Big Six” plan has not yet filled in many details.
President Donald Trump has insisted the plan he wants Congress to pass by year’s end will not benefit rich people like him. “The wealthy are not getting a tax cut under our plan,” National Economic Council Director Gary Cohn told ABC recently.
Under the “Mnuchin Rule,” of which was once the Treasury secretary’s promise, too. Yet his completely new remarks to Politico not only conceded of which the rich will get a tax cut, however cast of which as mathematically inevitable.
Of course, cutting the payroll taxes of which all workers pay to finance Social Security, rather than income taxes, would likely produce a different mathematical outcome. So would likely dropping the GOP proposal to eliminate the estate tax — which currently applies only to estates valued at more than $5.5 million for an individual or $11 million for a couple.
however Mnuchin, who like Trump along with many top administration officials is usually very wealthy, cast abolishing estate taxes as a matter of fairness rather than math.
“The estate tax is usually somewhat of an economic issue, along with somewhat of a philosophical issue,” he told Politico’s Ben White. “People pay taxes once. Why should people have to pay taxes again when they die?”