September 14, 2017 / 9:02 PM / a year ago

Treasury's Mnuchin says no tax cut for wealthy

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.

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

“”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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