Treasury Secretary Steve Mnuchin appeared on the “Today” show Thursday to give details about Trump’s tax proposal. It wasn’t long into the conversation that host Matt Lauer asked Mnuchin to literally raise his right hand to swear that President Trump’s tax reform plan is revenue and deficit neutral.
Lauer loaded his question with some theories from critics of the plan who believe it will favor the wealthy and greatly increase the deficit.
“Without getting overly dramatic, then, Mr. Secretary, would you be willing to raise your right hand and look at the American people and say, ‘I, Steven Mnuchin, promise you that this will be revenue neutral and deficit neutral?'” Lauer asked.
“Again, our objective, Matt, is to pay for this with economic growth,” Mnuchin responded. “So, right now we’re working with the House and the Senate. This is now about taking the president’s principles and turning them into a bill that we can get passed and the president can sign this year so we can create economic growth.”
He continued, “We’re going to work closely with Congress to get this done, Matt, yes. Our principles are, we want to pay for this with economic growth, and with reducing lots and lots of special interest deductions.”
According to White House chief economic adviser Gary Cohn, the proposed plan lowers tax rates for corporations and small businesses, lowers individual rates, decreases the number of income tax brackets from seven to three, and eliminates certain taxes like the death tax and the alternative minimum tax.
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