President Donald Trump unveiled his tax reform plan this week, and it included a lot of big giveaways for high-income earners, including the elimination of both the inheritance tax and the alternative minimum tax.
Despite this, the administration has tried to pitch the plan as a boon for the middle class, as it proposes doubling the standard deduction for all earners. However, the plan will also likely get rid of several popular deductions, including the deduction for state and local taxes and for student loan payments, meaning some middle income earners might end up paying more than they do right now.
During an interview on ABC News on Thursday, George Stephanopoulos asked Trump Treasury Secretary Steve Mnuchin if he could guarantee that middle-class families wouldn't pay any additional taxes under the administration's plan -- and Mnuchin replied that he couldn't.
"I can't make any guarantees until this thing is done and it’s on the president's desk," Mnuchin said. "But I can tell you, that’s our number one objective in this."
Elsewhere in the interview, Mnuchin acknowledged that the plan would cut taxes for wealthy people, but he said they would make up for this by eliminating unspecified deductions that the wealthy often use to avoid paying taxes. He also said he couldn't offer an estimate of how much the plan would personally save Trump or his family.
"Let me just say this isn’t about President Trump’s tax returns; this is about the American public’s tax returns," Mnuchin said. "This is about creating economic effect for small and medium-sized businesses and making sure they have the same opportunities as large corporations."
Watch the full interview below.
