One of Trump's major promises during the election campaign was the tax reduction. According to him, the present tax system is too complicated. He wants to make it simpler and lower for everyone. Recently, Trump is being bombarded with accusations of false promises, but it seems the President is trying to make an effort to push his new tax plans.
Steven Mnuchin, the Treasury Secretary of Trump's administration, announced that a new tax plan is soon to be rolled out. Steven Mnuchin added that the new tax changes would lower the taxes for the middle class. However, when pressed if it's a sure thing, Steven Mnuchin backed off from the subject a little bit.
Recently, Steven Mnuchin was a guest of the popular show "Good Morning America." At one point, George Stephanopoulos pressed Steven Mnuchin for more concrete answers when it comes to the planned tax cuts. Specifically, Steven Mnuchin was asked if he can guarantee that the middle class won’t pay more taxes under the Trump administration. The reaction - Steven Mnuchin demurred.
Despite the hesitation, Steven Mnuchin was quick to follow that this is the primary objective of the new tax plans. In Steven Mnuchin's defense, implementing new tax cuts is always an arduous process.
When it comes to new tax cuts, you can always expect a long legislative process. In fact, it would seem as if the Democrats are looking for every possible way to push back. Then, there are the deficit hawks in the Republican Party, which are always waiting for every opportunity to launch an attack. If by some miracle the new tax cuts will reach the Congress, the policy will look a lot different when it first came out from the White House.
No wonder that Steven Mnuchin is doing some hedging when placing his bets on the subject. Having said that, it certainly is worth noting one thing - the new tax rate doesn’t seem to positively affect the middle class. Even amongst the half-hearted answers that much seems to be clear, and then that just leaves a lot of unanswered questions.
Another point that is worth mentioning is that Steve Mnuchin is not promising that the upper class won't get absolute tax cuts. This is something that needs to be checked as Steve Mnuchin made a promise in February that no such thing would happen. Even the Democrats call it the "Mnuchin Rule."
Keep in mind that there're a lot of talks out there saying that the new tax cuts may be good for the middle class, but the overall reduction will be great for the super wealthy. Steve Mnuchin is addressing this issue by proclaiming that President Trump will be releasing his tax returns under these new tax changes. This is to ease the minds of skeptical Americans that think that the new tax changes are just a scheme so Trump can avoid heavy taxation.
Steve Mnuchin emphasized that the new tax cuts are not for Trump, but rather for the good of all the American people.
