Mnuchin: No “Guarantees” on Middle-Class Tax Cut. What it Means for Trump’s Tax Plan. Mnuchin: No “Guarantees” on Middle-Class Tax Cut. What it Means for Trump’s Tax Plan. – NTK Network

Mnuchin: No “Guarantees” on Middle-Class Tax Cut. What it Means for Trump’s Tax Plan.

Treasury Secretary Steven Mnuchin said on Thursday that he can't guarantee the middle class will get a tax cut with any tax reform. Does that mean individual reforms are on the negotiating table?

By NTK Staff | 04.27.2017 @11:37am
Mnuchin: No “Guarantees” on Middle-Class Tax Cut. What it Means for Trump’s Tax Plan.

Treasury Secretary Steven Mnuchin told ABC’s “Good Morning America” on Thursday that “I can’t make any guarantees” on a middle-class tax cut in the sweeping tax reform package President Trump wants passed in Congress.

Despite Mnuchin’s comments, several of the reforms President Trump outlined on Wednesday – and, notably, the reforms he listed first – would benefit middle-class individuals and families:

  • Reducing the seven tax brackets (10%, 15%, 25%, 28%, 33%, 35%, 39.6%) into three (10%, 25%, and 35%): the wealthiest Americans would certainly see a cut (from a 39.6% rate to a 35% rate), but middle-class Americans may, to0 (for example, a family paying 28% may see their rate fall to 25%)
  • Doubling the standard deduction: this will definitely help middle-class Americans, and all taxpayers, because it will, in effect, reduce the amount of their income that is taxable
  • Providing tax relief for families with child and dependent care expenses: this will help middle-class families trying to afford expensive child care

The key question becomes: what does Secretary Mnuchin’s answer mean? More questions from there:

  • Are the individual reforms negotiable, where the 15% business tax rate (and other reforms) are not?
  • Is Secretary Mnuchin simply exercising caution in the face of pointed questions about the plan?

One thing we know: the tax reform fight is only beginning, and the Trump administration’s rollout on Wednesday was just a starting point.

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Haley: Mideast Peace Plan Coming
By NTK Staff | 02.23.2018 @1:00pm

Haley: Mideast Peace Plan Coming

Nikki Haley has been one of the Trump administration's most important figures on U.S.-Middle East relations, and she previewed a new peace plan on Thursday.

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