Treasury Secretary Mnuchin throws cold water on Bannon's reported tax hike on the wealthy
Screenshot/NBC
Mnuchin said Sunday: "I have never heard Steve mention that."
Speaking on ABC News' "This Week," Mnuchin said the administration aims to release its full tax plan by September and to pass it into law by the end of the year. So far, the administration has issued a one-page summary of broad principles for tax reform, but few details.
The administration says it wants to reduce the top income tax bracket from 39.6% to 35% and lower tax rates for the middle class.
Jonathan Swan of the news website Axios reported last Sunday that chief strategist Steve Bannon wanted to get the top tax bracket, which stands at 39.5%, into the 40s. The top bracket applies to individuals making $418,400 or higher and couples making $470,700 or higher.
While this may not please many large Republican donors or political action groups, it is a popular message for tax reform. According to a Morning Consult/Politico poll in May, 62% of Americans believe that "upper-income people" pay too little in taxes.
NOW WATCH: How to supercharge your iPhone in 5 minutes
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market