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Plan for US tax increase on rich not being considered: Mnuchin

  • The Trump administration is not considering a plan to raise taxes on rich Americans in order to pay for tax breaks for the middle class, U.S. Treasury Secretary Steve Mnuchin said.
  • Mnuchin said the administration plans to release its tax plan in early September and is aiming for a vote on Congress on it by the end of this year.
Treasury Secretary Steve Mnuchin during a press briefing at the White House in Washington.
Kevin Lamarque | Reuters
Treasury Secretary Steve Mnuchin during a press briefing at the White House in Washington.

The Trump administration is not considering a plan to raise taxes on the wealthiest Americans in order to pay for tax breaks for the middle class, U.S. Treasury Secretary Steve Mnuchin said on Sunday.

Speaking on ABC's "This Week," Mnuchin said the administration plans to release its tax plan in early September and is aiming for a vote on Congress on it by the end of this year.

The news website Axios reported that Trump's chief strategist Steve Bannon was advocating a proposal to raise the highest tax bracket to 40 percent or above in order to pay for tax cuts on middle-class Americans.

"I've never heard Steve mention that," Mnuchin said.