Key Democrat Says She Still Has Concerns About GOP Tax Plan


A few weeks after Election Day a year ago, Treasury Secretary Steven Mnuchin said that there would be "no absolute tax cut for the upper class" in the tax reform plan put forth by the incoming Trump administration. "We're conscious of that issue", Mnuchin told Politico in an interview published on Wednesday.

"Citizens for Ethics and Responsibility in Washington " The math, given how much you are collecting, is just hard to do", the treasury secretary added.

Republicans have also struggled to deliver on their stated goal of a tax cut for the middle class, since their framework calls for simplifying the tax code by eliminating a plethora of deductions and exemptions that benefit lower- and middle-income households. "To the extent we get the tax deal done, the stock market will go up higher", he said.

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Avoiding tax cuts for the wealthy, however, is not as hard as Mnuchin believes it to be. She said she's anxious that slashing the rate for partnerships, limited liability companies and other so-called "pass-through" businesses to 25 percent - down from a current top rate of 39.6 percent - would overwhelmingly benefit millionaires.

Wall Street equity benchmarks have been on a tear since President Donald Trump's surprise election victory in November, on a campaign promising Wall Street-friendly policies, including infrastructure spending increases, loosening of crisis-era regulations and the aforementioned changes to tax policy, which includes cuts.

It isn't clear, however, that the hope of tax cuts have been the sole cause of those gains. They believe that, morally speaking, rich families are unfairly overtaxed and they believe that, economically speaking, the growth benefits of tax cuts for the rich are enormous.

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"We're working on fixing that right now". "Everyone was saying the right things but then they are going to vote on a process that will allow them to vote on it with 50 votes", McCaskill said, referring to the procedure GOP leaders have said they want to use that would permit a tax bill to pass the Senate with a simple majority.

Many GOP lawmakers in NY and New Jersey said cutting the deduction for state and local taxes would slam their constituents, and that they would fight the proposal. "And look, I'm sympathetic to that issue".

A separate poll by CNN found that 52 percent of Americans oppose the Trump tax plan, with only 24 percent believing the plan will make them better off.

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