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Trump Not Considering Plan to Raise Taxes on Rich, Mnuchin Says

G20 Hamburg Summit: Day 2 Of SessionsG20 Hamburg Summit: Day 2 Of Sessions
HAMBURG, GERMANY - JULY 08: U.S. Treasury Secretary Steven Mnuchin attends the morning working session on the second day of the G20 economic summit on July 8, 2017 in Hamburg, Germany. (Photo by Sean Gallup/Getty Images)Sean Gallup Getty Images

(WASHINGTON) – 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.