The Trump administration is “very pleased” with the progress of the House and Senate bills on tax reform, and on how the process is moving forward, Treasury Secretary Steve Mnuchin said Friday, Newsmax reports.
“I think that the good news is both the House and Senate have the same exact objective, which is to get middle income tax cuts. That is what this is all about. So, we’ll reconcile the differences. As I said, I’m comfortable we have the same objectives. We’ll iron out differences in conference.” Mnuchin told Fox Business Trish Regan on “The Intelligence Report.”
For income earners in higher brackets, however, there has been concern that a call to eliminate tax deductions for state and local taxes could end up costing them a great deal more through the GOP tax plan and Mnuchin admitted that on the “high-end, that is the case.” Newsmax adds.
“So for people who are making a million dollars or more, that is the case. But we have been targeting middle income tax cuts for people in the states. We’ve been out and about working with the states on this I think, as you know fundamentally, we think it makes sense to get the federal government out of the business subsidizing the states. But these are big parts of the economy. We’ll work through these issues.” Mnuchin noted.
The Treasury Secretary also noted stressed that personal and corporate sides of the pending tax legislation are both important. “People deserve money back in their pockets,” he said, adding that if there is a competitive business tax system, “U.S. companies can compete with anybody in the world.”