Treasury Secretary Steven Mnuchin said President Donald Trump’s administration hopes that the new tax plan rolled out Wednesday brings down taxes for the middle class, but it isn’t a sure thing.
In an interview with Good Morning America’s George Stephanopoulos, Mnuchin was asked if he could guarantee that no one in the middle class would pay more under President Trump’s plan.
“That’s our objective, absolutely,” Mnuchin said. When pressed by Stephanopoulos if it was a guarantee, Mnuchin demurred.
“I can’t make any guarantees until this thing is done and on the president’s desk,” Mnuchin said.
Given the long legislative process, pushback from Democrats, and likely attacks from deficit hawks in the Republican party, there is a good chance that the tax plan that makes it through Congress will look different from the one-page outline released by the White House.
Given these factors, it is fair for Mnuchin to hedge his bets a little, but the lack of details in the Trump outline — including the level of income associated with each of the three new tax brackets — does leave a lot of unanswered questions as to how the plan will impact the middle class.
Mnuchin also would not make any promises that the plan wouldn’t result in an absolute tax cut for wealthy Americans, which the Treasury Secretary previously said wouldn’t happen under Trump’s tax plan in February. This promise was even termed the “Mnuchin Rule” by Democrats.
When pressed about the possibility of Trump releasing his tax returns in order to see how the new plan would impact the president’s own taxes, Mnuchin rebuffed the suggestion.
“This isn’t about the president’s taxes, this is about what’s good for the American people,” Mnuchin said.
Watch part of Mnuchin’s interview with Good Morning America here:
Will no one in the middle class pay more taxes?
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