ICYMI: White House Admits Prioritizing Corporate Tax Cuts Over Individuals

On the Sunday shows this weekend, White House officials admitted that the top priority of the Republican tax plan is to cut taxes for corporations, not for individuals.

On Meet the Press, Mick Mulvaney admitted that Republicans were using temporary tax cuts for individuals as a “gimmick.”  The tax cuts expire.

NBC News: “Under the GOP tax plan, tax cuts for corporations would not have an expiration date, but the cuts for individuals expire after ten years – a fact Mulvaney admitted on Sunday was a ‘gimmick’ to ensure the legislation adheres to the Senate’s strict rules that allow them to pass it with 50 votes instead of 60.”

On Fox News Sunday, Steve Mnuchin admitted that corporations are the priority in the Republican tax plan, at the expense of the middle class.

WALLACE: “In the Senate plan, while the corporate tax cuts are permanent, almost all provisions for individuals, including rate cuts and the expanded standard deduction expire, go away at the end of 2025. The result, according to the Joint Committee on Taxation, by 2027, this is the Senate plan, anyone making less than $75,000 will see a tax hike, while those making more than $75,000 will see a tax cut. How do you respond to that?”

MNUCHIN: “Chris, the problem is that under the Senate rules and the Byrd rule, using reconciliation, there's very specific rules, because we're changing from an international system to a territorial system. We need to make the corporate tax cuts permanent. You can't tell corporations they're going back to a worldwide system.

Because of that, we were forced to phase out the personal tax side, but nobody thinks that's going to be the case. Of course Congress is going to vote down the road to keep these cuts. So it's not about allocating cuts to the corporations, it's about, we have to fix the business tax side and make it permanent.”

Mnuchin was also unable to guarantee that a future Congress or president would extend individuals tax cuts set to expire under the Republican plan.

The Hill: “Host Chris Wallace challenged Mnuchin, saying he doesn’t know what factors will be at play in 2025 or whether Congress would extend the tax cuts at that point. ‘I don’t know that. Maybe I’ll be working for President Pence at the time, but I don’t know that,’ Mnuchin said on ‘Fox News Sunday.’”