The Republican tax cuts for Donald Trump and Steven Mnuchin bill, the latter says, will only make millionaires pay higher taxes. No, really, he says that.
Speaking a day after the GOP-led chamber passed the controversial reform measure, Mnuchin told CNBC that the benefits will go to lower- and middle-income people, and even the rich will find benefits through other provisions. [...]
"For someone who makes 100, 200, 300,000 dollars in high-tax states, they will get tax cuts. People who make a million dollars or more, their taxes are going to go up on the personal side," he said. "Having said that, they're going to get the benefit of a business tax reduction, which will be very, very good for New York. They're going to get the benefit of a pass-through reduction, which will be very good for small- and medium-size businesses and entrepreneurs."
He’s lying. Really, really lying. The Joint Tax Committee of the Republican-controlled Congress even says so.
After adjusting the JCT estimates to include the effects of the bill’s estate tax cuts (using the methodology described here), we estimate that, in 2027, the bill would:
- Boost the after-tax incomes of households making more than $1 million by twice as much, in percentage terms, as those with incomes below $50,000. Millionaires would see their incomes rise by 1.7 percent (about $48,000) on average, while those making between $30,000 and $40,000 would see their incomes rise by just 0.6 percent ($267).
- Raise millionaires’ incomes nearly twice as much in percentage terms as households in the middle.
Maybe he didn’t get the memo.