Mnuchin: No absolute tax cut for upper class 'was never a pledge'

Mnuchin: No absolute tax cut for upper class 'was never a pledge'
© Keren Carrion

Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money — Sponsored by Prudential — Senators hammers Ross on Trump tariffs | EU levies tariffs on US goods | Senate rejects Trump plan to claw back spending Mnuchin: Tax-filing 'postcard' to be released next week Former top Treasury official to head private equity group MORE on Sunday said he never made a "pledge" that there would be no absolute tax cut for the upper class in the administration's tax plan.

During an interview on CNN's "State of the Union," Mnuchin was asked about previous comments, in which he said there would be no absolute tax cut for the upper class.

"Can you reaffirm that pledge that there will be 'no absolute tax cut' for the upper class?" CNN's Jake Tapper asked Mnuchin.

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"It was never a promise. It was never a pledge. ... It was what the president's objective was," Mnuchin said.

Mnuchin said the administration has been working with the bipartisan leadership.

"We look forward to releasing the plan this week," Mnuchin said.

"I think what's important about this plan is it creates a middle-income tax cut. It makes businesses competitive and it creates jobs. That's what this is all about."

Mnuchin said there are "lots of changes" as it relates to the "high end."

"We're getting rid of lots of deductions," he said. "And yes, I can tell you, the current plan for many, many people, it will not reduce taxes on the high end."

His comments come after Axios reported Saturday that the wealthiest Americans will pay a top tax rate of 35 percent under a plan crafted by Trump administration officials and GOP leaders.

The 35 percent rate is lower than the current 39.6 percent paid by the country's top earners. President Trump previously said the wealthiest Americans would not receive a tax cut under his reform plan. 

Democrats have said they will not support a tax plan that would cut rates for the wealthiest Americans or raise the deficit, which the proposal would likely do.