The Short:
Treasury Secretary Steven Mnuchin told CNBC that the GOP’s tax reform plan will simplify taxes, benefit lower and middle income people and pass a higher personal tax burden onto those who make more than a million dollars year.
If what he is saying happens, this will be the best tax plan in the history of humankind.
The Long:
Speaking a day after the GOP-led House passed the controversial reform measure, Mnuchin told CNBC that the benefits will go to lower- and middle-income people, and even the rich will find benefits through other provisions.
“For someone who makes 100, 200, 300 thousand dollars in high-tax states, they will get tax cuts. People who make a million dollars or more, their taxes are going to go up on the personal side,” he said. “Having said that, they’re going to get the benefit of a business tax reduction, which will be very, very good for New York. They’re going to get the benefit of a pass-through reduction, which will be very good for small- and medium-size businesses and entrepreneurs.”
Watch his interview to CNBC
Treasury’s Steve Mnuchin: GOP plan delivers middle income tax cuts from CNBC.
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