Speed Reads

don't worry 1 percenters

Steven Mnuchin assures the rich there's no tax hike on the way

Fear not, Americans who make $420,000 a year — your taxes will not be going up anytime soon, Treasury Secretary Steven Mnuchin said Sunday on This Week.

Mnuchin was asked about a July 2 Axios report that said White House adviser Stephen Bannon had an idea to increase the tax rate for the wealthiest Americans to 40 percent in order to pay for tax cuts to the middle class. "I have never heard Steve mention that," Mnuchin said. "It's very clear, kind of, we have a proposal out there that the administration has put out with a top rate of 35 percent where we reduce and eliminate almost every single deduction."

The Trump administration wants to release its full tax plan by September, Mnuchin said, and have it approved by Congress before 2018. If tax cuts do not increase the deficit after a decade, they can be passed in the Senate with a simple majority.