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Treasury's Mnuchin: Difficult not to cut taxes for top 10%

  • U.S. Treasury Secretary Steven Mnuchin says that it was difficult for the Trump administration's tax plan not to cut taxes for the wealthiest earners.
  • "If you're cutting taxes, it is hard to create a system where you're not going to also cut taxes on the top 10 percent," he says.
U.S. Treasury Secretary Steven Mnuchin
Jim Bourg | Reuters
U.S. Treasury Secretary Steven Mnuchin

U.S. Treasury Secretary Steven Mnuchin said on Friday that it was difficult for the Trump administration's tax plan not to cut taxes for the wealthiest earners.

"If you're cutting taxes, it is hard to create a system where you're not going to also cut taxes on the top 10 percent," Mnuchin said at an Institute for International Finance event in Washington on the sidelines of the IMF and World Bank semi-annual meetings.

"I'd also say that 10 percent invests a lot of money so what we're trying to do is not create disproportionate tax cuts to the top," he added.

Mnuchin said he still expects tax reform legislation to reach President Donald Trump's desk for signature in early December.