Treasury Secretary Mnuchin says no to tax hike on wealthy

Posted at 1:05 PM, Jul 09, 2017
and last updated 2017-07-09 13:05:27-04

WASHINGTON (AP) -- Treasury Secretary Steven Mnuchin says the Trump administration isn't considering a tax increase on wealthier Americans, knocking down a report that White House adviser Steve Bannon had floated the idea as a way to pay for tax cuts for middle-income taxpayers.

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 percent to 35 percent and lower tax rates for the middle class.