Mnuchin Contradicts Trump on Tax Plan

“President Trump and Republican leaders have positioned a proposed repeal of the estate tax as a way to help farmers, ranchers and small business owners. But on Friday, Steven Mnuchin, the Treasury secretary, offered a significant concession about who would benefit the most if the so-called death tax disappears: the rich,” the New York Times reports.

“Mr. Mnuchin said the estate tax should be eliminated for both philosophical and economic reasons. He said that many taxpayers give the government half their income during their lives and that they should not have to give away a big chunk when they die — even if their families are wealthy.”

Said Mnuchin: “Obviously, the estate tax, I will concede, disproportionately helps rich people.”