Steven Mnuchin awkwardly hints that Trump made up that middle-class tax cut
No one could find evidence of the middle-class tax cut plan President Trump kept promising before November's midterms. Now, Treasury Secretary Steven Mnuchin won't even confirm it ever existed.
In a Tuesday interview, Mnuchin told Bloomberg the administration's top priority for next year is fixing 2017's tax overhaul. And as for the mysterious tax cut, well, Mnuchin said he was "not going to comment on whether it is a real thing or not a real thing."
The Tax Cuts and Jobs Act was passed last December and lauded in a documentary series from House Speaker Paul Ryan (R-Wisc.) released Tuesday. But its final form largely neglected promised tax cuts for the middle class, instead largely benefiting high-income Americans while raising the federal deficit by an projected $1.4 trillion in 10 years. Mnuchin didn't mention those issues when talking to Bloomberg, but said the administration will issue "some minor technical corrections" in early 2019.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Flash forward to October, just weeks before the midterms, and Trump again starts mentioning "a major tax cut for middle-income people." Mnuchin also affirmed he and House Republicans were working on a new tax plan to be released "shortly," Bloomberg says. Republicans, meanwhile, didn't know what Trump and Mnuchin were talking about.
When Bloomberg asked about that October hint on Tuesday, Mnuchin simply said "we have other things we're focused on." Which seems to be a fancy way of saying it's very, very far on the back burner.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Salted caramel and chocolate tart recipeThe Week Recommends Delicious dessert can be made with any biscuits you fancy
-
Meet Ireland’s new socialist presidentIn the Spotlight Landslide victory of former barrister and ‘outsider’ Catherine Connolly could ‘mark a turning point’ in anti-establishment politics
-
Should TV adverts reflect the nation?Talking Point Reform MP Sarah Pochin’s controversial comments on black and Asian actors in adverts expose a real divide on race and representation
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
