According to Treasury Secretary Steven Mnuchin, the GOP tax proposal is aimed at the middle class and could encourage businesses to bring back as much as $5 trillion to the United Sates, Newsmax reports.
“This is not about tax cuts for rich people, this is about tax cuts for the middle class and for working Americans. We are going to raise the standard deduction to $24,000 for families. At the Reagan Library, there’s no better place to [pay] tribute to what was done 31 years ago with President Reagan. President Trump’s tax reform will be even bigger.” Mnuchin said in an interview with Fox News’ Tucker Carlson.
Carlson noted the plan eliminates the state and local sales tax deduction and caps the mortgage deduction at $500,000, to which Mnuchin responded that “no plan is perfect for everyone.”
“That’s an awfully big home in mostly every single part of this country. We are cutting out lots of loopholes throughout the whole tax plan. There will be people who don’t like bits and pieces, but people understand this is a pass-fail exercise. It’s critical to the economy, and we are going to get it done.” Mnuchin stressed.
The Treasury Secretary noted that another big benefit of the plan is the lowering of the corporate tax rate from 35 percent to 20 percent.
“This will be about creating more earnings and more important, bringing back capital. We will encourage companies to bring back trillions of dollars that will be invested here to have new jobs, new factories, new buildings, new manufacturing manufacturing.” Mnuchin added.
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