Mnuchin Backs Off Trump’s Promise of 10% Tax Cut

Treasury Secretary Steven Mnuchin told Bloomberg the Trump administration “is setting aside a middle-class tax cut and planning to focus its tax efforts next year on fixing mistakes in the 2017 overhaul.”

“Mnuchin said he’s hoping to work with Congress on ‘some minor technical corrections’ to the law, such as a drafting error that denies retailers and restaurants a tax break when they make renovations. He downplayed the prospect of the middle-class tax cut that Trump campaigned on in the days leading up to the midterm elections.”