Steve Mnuchin: No Upper Class Tax Cut

Posted by admin on Thursday, June 1, 2017

Steve Mnuchin Money Quote saying as Treasury Secretary nominee in January of 2017, that the rich would not receive a tax cut, which was then called the ‘Mnuchin Rule‘ on taxes. Steve Mnuchin said:
 
Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class.  There will be a big tax cut for the middle class Quote
 

“Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class. There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it” — Steve Mnuchin

 

Share </> Quote Image

Share the Steve Mnuchin Money quote image above on your site:

 
Short Link to this Quote:

[collapse]

 

In this quote, former Treasury Secretary Steve Mnuchin is addressing concerns that the Republican tax plan in 2017 would disproportionately benefit the wealthy. He claims that while upper-income taxpayers may see some reductions, these will be offset by limiting certain deductions so the net result is not an “absolute tax cut” for that group.

However, Mnuchin says there will be a “big tax cut” for middle-income earners. His intention seems to be reassuring those worried the plan favors the rich, by arguing the upper class will not see true tax savings due to closed loopholes, while middle-class Americans will owe less.

However, the quote has been criticized by some as misleading given analyses showing the wealthy did see substantial benefits from the tax legislation overall.

Quote Search

 

Categories: taxes Tagged:

Leave a Reply

You must be logged in to post a comment.

Money Quotes Daily