Plan for U.S. tax increase on rich not being considered: Mnuchin

The Trump administration is not considering a plan to raise taxes on the wealthiest Americans in order to pay for tax breaks for the middle class, U.S. Treasury Secretary Steve Mnuchin said on Sunday.

Speaking on ABC's "This Week," Mnuchin said the administration plans to release its tax plan in early September and is aiming for a vote on Congress on it by the end of this year.

The news website Axios reported that Trump's chief strategist Steve Bannon was advocating a proposal to raise the highest tax bracket to 40 percent or above in order to pay for tax cuts on middle-class Americans.

"I've never heard Steve mention that," Mnuchin said.

(Reporting by Caren Bohan; Editing by James Dalgleish)