Mnuchin: Trump Won't Raise Taxes, Plan Ready by Year's End

Treasury Secretary Steven Mnuchin said Sunday the Trump administration's tax reform "focus" remains on a middle income tax cut.

Speaking Sunday on ABC's "This Week," Mnuchin also said the administration is "absolutely committed to getting tax reform done this year," calling it "critical for economic growth."

"Our plan is to have a full-blown release of the plan in the beginning of September with being able to vote and getting this passed before the end of the year," he said.

"The president's focus is a middle income tax cut, reforming the business tax system to make it competitive and creating a tax simplification that will grow this economy," he added, asserting "our objective absolutely" is for no tax increases for middle income Americans.

Mnuchin also pushed back on a report of a tax increase for the wealthy.

"It's another example of a false leak that's being reported," he said. "We have a proposal … with a top rate of 35 percent, where we reduce and eliminate almost every single deduction. That means that people who are in the high tax states also have no tax reduction and it'll be offset by reduced deductions."

Yet, he added: "We've heard a lot of feedback from New York, California, New Jersey, Connecticut, Illinois – and I think we want to be sensitive to those states in those economies as we shape the plan."

He also said he was for controlling spending, but didn't rule out a raising of the debit limit, noting "when we've already committed to pay for things, we have to honor those commitments."

"One of the things I think over time is we need to change this debt limit process so that we're focused on controlling expenses but that when we've committed for them it's clear we're going to pay for them," he added.

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