Trump's Treasury Pick: There Will Be No Absolute Tax Cut For The Upper Class
Source: Talking Points Memo
By MATT SHUHAM Published NOVEMBER 30, 2016, 10:35 AM EDT
Steve Mnuchin, President-elect Donald Trump’s newly-minted pick for treasury secretary, said Wednesday that any upper-income tax cuts enacted by Trump would be offset by eliminating tax deductions.
“Any reductions we have in upper income taxes would be offset by less deductions so there would be no absolute tax cut for the upper class,” Mnuchin said in an interview on CNBC’s “Squawk Box.”
Mnuchin argued it was “not the case at all” that most of Trump’s proposed tax cuts would benefit the upper class.
“There will be a big tax cut for the middle class, but any tax cuts we have for the upper class would be offset by less deductions that pay for it," he said.
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Read more: http://talkingpointsmemo.com/livewire/steve-mnuchin-trump-tax-policy
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The rich don't really benefit from tax deductions. First of all they will have no mortgage interest deduction. Secondly they typically end up in AMT (alt minimum tax) where deductions like state income tax are added back and are irrelevant to them due to their large incomes.
Losing deductions will only hurt the middle class.
Smoke and mirrors and Trumps base will fall for it.
As a CPA this will drive me bananas
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that wants to have him assigned to the U.S. treasury , what does he think of putting over 29,000 human beings on the streets when he bought IndyMac for pennies on the dollar and then booted families into homelessness, how does that match with tax cuts?
Someone is going to have to pay for those big old ships that this twit wants to build, and all of those F-35 and KC-46's coming down the assembly line, and there is only so much social security , medicare, medicaid that can be robbed from "tax cuts"
F*** this s**t
