Banks skeptical Trump's tax plan will significantly lower deficit

Banks skeptical Trump's tax plan will significantly lower deficit”

U.S. Treasury Secretary Steven Mnuchin on Sunday said one of the top goals of the Trump administration's tax plan is to help the middle class, but he could not guarantee that every middle-class family would receive a tax cut. POTUS promised that wasn't the case, but since he still hasn't released his tax returns and is a known liar, that's pretty tough to verify.

Earlier this week, the Trump administration revealed its long-awaited tax plan, the broad strokes of which are massive tax cuts for people like one Donald Trump and corporate America, at the expense of low-income families and the middle class. Individuals now paying the top tax rate of 39.6 percent would see that rate drop to 35 percent; businesses organized as pass-throughs-like the Trump Organization-would pay 25 percent; the inheritance tax, which only affects estates worth more than $5.49 million, would go away; and corporations would have their tax rate slashed from 35 percent to 20 percent. This would continue a troubling cycle, economist Jared Bernstein writes, in which supposed fiscal conservatives "use the deficit argument to block spending, promote fiscal austerity, and small government, conveniently tossing deficit concerns aside when it comes to tax cuts".

"It is our objective that the entire middle class will get a tax cut", Mnuchin said on ABC's "This Week" program.

The Congressional Budget Office estimates that growth under current law would average 1.8 percent over the next decade.

Mnuchin and other Trump administration officials defended the plan, saying it is not aimed at helping the rich, while acknowledging the details were in flux. And as the president has said, he's focused on income taxes and the wealthy not going down. He went on, "It is disturbing the Treasury Department is burying research proving that trickle-down economics harms American workers". The White House's plan creates a special provision for "pass-through" businesses (like LLCs and partnerships).

"George, I can't comment on what the president will do or what he won't do on that, but again, I'm perfectly comfortable that the American public is gonna understand this as we go through this process", Mnuchin replies. So we think this tax plan will cut down the deficits by a trillion dollars.

Mnuchin said the administration hoped to have the tax overhaul legislation passed in December.

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