Treasury`s Mnuchin says no tax cut for wealthy

WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Thursday that the Trump administration&rsquo-s upcoming tax plan will not be aimed at lowering income taxes for the wealthiest Americans.

&rdquo-&ldquo-We are looking for a middle income tax cut. On the high end the plan is to eliminate state and local deductions … and even if we do end up with a slight reduction on the high end that will be offset by a reduction of deductions so their taxes won&rsquo-t go down,&rdquo- Mnuchin said during an interview at a policy forum organized by news outlet Politico.

He added that details of the tax reform framework, due for release the week of Sept. 25, would include a specific rate proposal for the corporate tax rate.

&ldquo-You&rsquo-re going to see a specific rate proposal in that,&rdquo- Mnuchin said, adding it would also include details on deduction of corporate interest.