'No absolute tax cut' for the rich, says Trump's Treasury pick

Steve Mnuchin in 90 seconds

President-elect Donald Trump’s pick for Treasury said Wednesday morning that the new administration will prioritize tax reform, but that it won’t result in a tax cut for the rich.

“Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class. There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it,” Steven Mnuchin said in an interview with CNBC.

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Personal finance news – CNNMoney.com

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