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White House: Tax Plan Helps Businesses 09/24 12:38

   A proposed tax overhaul set to come out this week from Republicans will 
offer help for the middle class and businesses, President Donald Trump's 
Treasury secretary said.

   SOMERSET, N.J. (AP) -- A proposed tax overhaul set to come out this week 
from Republicans will offer help for the middle class and businesses, President 
Donald Trump's Treasury secretary said.

   The developing plan "''creates a middle-income tax cut, it makes businesses 
competitive and it creates jobs," Steven Mnuchin said in a television interview 
Sunday, adding there are changes, too, for the "high end," including "getting 
rid of lots of deductions."

   He did not offer specifics.

   The White House and tax-writing Republican leaders are expected to begin 
filling in some of the details on Trump's bid to simplify the tax system, a 
legislative priority. Trump plans to promote the overhaul heavily, including 
during a visit to Indiana on Wednesday.

   People familiar with the plan that is being written entirely by Republicans 
have said the administration is considering lowering the corporate tax rate 
from its current 35 percent to somewhere in the low 20s. The plan probably 
would seek tax cuts across the board for individuals and reduce the number of 
tax brackets from seven to three.

   Details were not coming from White House legislative director Marc Short 
when pressed whether the plan would cut the individual rate for the wealthy.

   "There are still conversations. The president has to sign off on that, and 
he'll make his announcement on Wednesday what the final number is," Short said.

   In the past, Mnuchin has said there would be no "absolute tax cut" for the 
wealthy.

   On Sunday, he said: "It was never a promise. It was never a pledge. What it 
was and it is still, it was what the president's objective was."

   He added: "The current plan for many, many people it will not reduce taxes 
on the high end."

   Lawmakers on the House Ways and Means Committee planned to meet Sunday and 
Monday to discuss taxes.

   Mnuchin appeared on ABC's "This Week," and Short was on "Fox News Sunday."


(KA)

 
 
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