Plan for US tax increase on rich not being considered: Mnuchin


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)

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
When are Taxes Due? Important Tax Deadlines and Dates
Make sure your calendar is up-to-date with these important deadlines, dates, possible extensions and other factors in play for both individuals and businesses in 2021.
Read MoreBrought to you byTurboTax.com
Guide to Filing Taxes as Head of Household
The IRS has provided a series of guidelines to help taxpayers understand whether or not they qualify to file as head of household.
Read MoreBrought to you byTurboTax.com
Tax Tips After January 1, 2022
Your tax bill isn't chiseled in stone at the end of the year. Here are 10 tax tips and steps you can take after January 1 to help you lower your taxes, save money when preparing your tax return, and avoid tax penalties.
Read MoreBrought to you byTurboTax.com
Birth of a Child
The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-efficient manner.
Read MoreBrought to you byTurboTax.com