- The Washington Times - Friday, November 17, 2017

Treasury Secretary Steve Mnuchin said Friday that some wealthier Americans will pay more under the new tax plan.

“There will be people who make more than $1 million, in high-tax states, who will be paying more,” Mr. Mnuchin said on Fox News. “And as the president has said, this is not a tax plan to cut taxes for rich people. This is a plan to make businesses competitive.”

But Mr. Mnuchin said that closing loopholes like the state and local tax deduction will not create huge increases for the middle class.

“There are offsets in this that will absolutely help the high-tax states as well,” he said.

The elimination of SALT — as it’s commonly referred to — has given some Republican lawmakers pause about supporting the tax plan. Those Republicans from states such as New York or California argue it will increase taxes for their constituents.

Despite some Republicans voting against the measure, the bill passed the House Thursday. The Senate is now finalizing the details of its plan.



“I think we will get this passed in the Senate in the near future,” Mr. Mnuchin said.

President Trump and Republican lawmakers have said they want to see the final bill passed by the end of the year.

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