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.

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People march demanding President Donald Trump release his tax returns, in New York, U.S., April 15, 2017. REUTERS/Lucas Jackson
People march demanding President Donald Trump release his tax returns, in New York, U.S., REUTERS/Lucas Jackson
People march demanding President Donald Trump release his tax returns, in New York, U.S., REUTERS/Lucas Jackson
NEW YORK, NY - APRIL 15: Activists take part in a Tax Day protest on April 15, 2017 in New York City. Thousands of activists march to Trump Tower to demand that President Donald Trump release his tax returns. Photo by VIEWpress/Eduardo MunozAlvarez
NEW YORK, NY - APRIL 15: Activists take part in a Tax Day protest on April 15, 2017 in New York City. Thousands of activists march to Trump Tower to demand that President Donald Trump release his tax returns. Photo by VIEWpress/Eduardo MunozAlvarez
NEW YORK, NY - APRIL 15: People take part in a Tax Day protest on April 15, 2017 in New York City. Thousands of activists march to Trump Tower to demand that President Donald Trump release his tax returns. Photo by VIEWpress/Eduardo MunozAlvarez
MIDTOWN MANHATTAN, NEW YORK, UNITED STATES - 2017/04/15: Demonstrators in New York City rallied at Bryant Park in Midtown Manhattan before march to Trump Tower as part of a nationwide series of demonstrations to demand the release of President Donald J. Trump's past income tax returns. The march coincides with the deadline for filing 2016 income tax returns in the United States. (Photo by Albin Lohr-Jones/Pacific Press/LightRocket via Getty Images)
NEW YORK, NY - APRIL 15: Activists take part in a Tax Day protest on April 15, 2017 in New York City. Thousands of activists march to Trump Tower to demand that President Donald Trump release his tax returns. Photo by VIEWpress/Eduardo MunozAlvarez
MIDTOWN MANHATTAN, NEW YORK, UNITED STATES - 2017/04/15: Demonstrators in New York City rallied at Bryant Park in Midtown Manhattan before march to Trump Tower as part of a nationwide series of demonstrations to demand the release of President Donald J. Trump's past income tax returns. The march coincides with the deadline for filing 2016 income tax returns in the United States. (Photo by Albin Lohr-Jones/Pacific Press/LightRocket via Getty Images)
Demonstrators hold signs and march towards City Hall during the Tax March Los Angeles in Los Angeles, California, U.S., on Saturday, April 15, 2017. The Tax March is an organized nation wide protest, held on the traditional deadline date to file taxes, that seeks to promote transparency by calling on U.S. President Donald Trump to release his personal tax returns. Photographer: Troy Harvey/Bloomberg via Getty Images
Demonstrators hold signs and march towards City Hall during the Tax March Los Angeles in Los Angeles, California, U.S., on Saturday, April 15, 2017. The Tax March is an organized nation wide protest, held on the traditional deadline date to file taxes, that seeks to promote transparency by calling on U.S. President Donald Trump to release his personal tax returns. Photographer: Troy Harvey/Bloomberg via Getty Images
CHICAGO, UNITED STATES - APRIL 15: Demonstrators participate in a march and rally to demand President Donald Trump release his tax returns in Chicago, Illinois, United States on April 15, 2017. 15 April is the traditional day that US federal income taxes are due unless the date falls on a weekend. Similar protests were planned in cities across the country. (Photo by Bilgin Sasmaz/Anadolu Agency/Getty Images)
CHICAGO, UNITED STATES - APRIL 15: Demonstrators participate in a march and rally to demand President Donald Trump release his tax returns in Chicago, Illinois, United States on April 15, 2017. 15 April is the traditional day that US federal income taxes are due unless the date falls on a weekend. Similar protests were planned in cities across the country. (Photo by Bilgin Sasmaz/Anadolu Agency/Getty Images)
CHICAGO, UNITED STATES - APRIL 15: Demonstrators participate in a march and rally to demand President Donald Trump release his tax returns in Chicago, Illinois, United States on April 15, 2017. 15 April is the traditional day that US federal income taxes are due unless the date falls on a weekend. Similar protests were planned in cities across the country. (Photo by Bilgin Sasmaz/Anadolu Agency/Getty Images)
CHICAGO, UNITED STATES - APRIL 15: Demonstrators participate in a march and rally to demand President Donald Trump release his tax returns in Chicago, Illinois, United States on April 15, 2017. 15 April is the traditional day that US federal income taxes are due unless the date falls on a weekend. Similar protests were planned in cities across the country. (Photo by Bilgin Sasmaz/Anadolu Agency/Getty Images)
NEW YORK, NY - APRIL 15: People participate in a Tax Day protest on April 15, 2017 in New York City. Activists in cities across the nation are marching today to call on President Donald Trump to release his tax returns. (Photo by Stephanie Keith/Getty Images)
Protestors take part in the 'Tax March' to call on US President Donald Trump to release his tax records on April 15, 2017 in Washington, DC. / AFP PHOTO / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
Protestors take part in the 'Tax March' to call on US President Donald Trump to release his tax records on April 15, 2017 in New York. / AFP PHOTO / KENA BETANCUR (Photo credit should read KENA BETANCUR/AFP/Getty Images)
NEW YORK, NY - APRIL 15: People participate in a Tax Day protest on April 15, 2017 in New York City. Activists in cities across the nation are marching today to call on President Donald Trump to release his tax returns. (Photo by Stephanie Keith/Getty Images)
WASHINGTON, DC - APRIL 15: Tax Day demonstrators march to the Lincoln Memorial April 15, 2017 in Washington, DC. Activists gathered in cities nationwide to demand President Donald Trump release his tax returns. (Photo by Aaron P. Bernstein/Getty Images)
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(Reporting by Caren Bohan; Editing by James Dalgleish)

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