Mnuchin Breaks Trump Promise On Tax Cuts for the Rich

In testimony before Congress today and yesterday, Secretary Mnuchin confirmed that he backtracked on his promise that Trump’s tax bill would not benefit the wealthiest Americans.




Mnuchin pledged that Trump’s tax bill would not benefit the highest earners.


Bloomberg: “Mnuchin said in late November that Trump’s tax plan would benefit middle-class taxpayers, not the highest earners — an assurance that some Democrats quickly labeled ‘the Mnuchin Rule.




Mnuchin said yesterday that Trump would not veto a tax reform bill that violates the “Mnuchin Rule” by providing tax cuts to the wealthiest Americans.


Bloomberg: “President Donald Trump won’t veto a tax bill even if it provides the wealthiest Americans with a tax cut, according to Treasury Secretary Steven Mnuchin.”


Mnuchin confirmed today that he walked back his promise about avoiding tax cuts for the wealthy.


Bloomberg: “I have walked it back from my CNBC interview,’ Mnuchin said Tuesday. The Treasury chief said he and the president are focused on reaching agreement with congressional leaders now.”