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U.S. Markets

Treasury's Mnuchin says no tax cut for wealthy

Treasury Secretary Steven Mnuchin walks through the lobby of Trump Tower in New York City, U.S., August 15, 2017. REUTERS/Brendan McDermid

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Thursday that the Trump administration’s upcoming tax plan will not be aimed at lowering income taxes for the wealthiest Americans.

“”We are looking for a middle income tax cut. On the high end the plan is to eliminate state and local deductions ... and even if we do end up with a slight reduction on the high end that will be offset by a reduction of deductions so their taxes won’t go down,” Mnuchin said during an interview at a policy forum organized by news outlet Politico.

He added that details of the tax reform framework, due for release the week of Sept. 25, would include a specific rate proposal for the corporate tax rate.

“You’re going to see a specific rate proposal in that,” Mnuchin said, adding it would also include details on deduction of corporate interest.

Reporting by Lindsay Dunsmuir; Editing by Richard Chang

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