July 9, 2017 / 4:11 PM / 16 days ago

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

1 Min Read

U.S.Treasury Secretary Steve Mnuchin announces measures taken to maximize pressure on North Korea to abandon its weapons programs during a press briefing at the White House in Washington, U.S., June 29, 2017.Kevin Lamarque

WASHINGTON (Reuters) - 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

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