
By Bob Bryan
Steven Mnuchin, President-elect Donald Trump’s nominee for
Treasury secretary, says the top priority of the new Trump
administration will be to cut taxes. Mnuchin, a longtime Goldman Sachs employee and Hollywood
producer, said his support of Trump cost him a few friends along
the way. “There were a lot of people in California and New York who wanted
to stop being friends,” Mnuchin said. Both states were won by
Trump’s Democratic opponent, Hillary Clinton.
“Our first priority is to cut taxes,” Mnuchin said in an
interview with CNBC’s Squawk Box. “We want to cut the corporate
taxes, which will bring back growth.” During the interview, which also included Trump’s choice for
commerce secretary, Wilbur Ross, Mnuchin described a plan to cut
the corporate tax rate to 15% from its current 35% level.
On personal taxes, Mnuchin said the planned tax cut from the
Trump administration would not favor the upper class because any
cut for the wealthy would be offset by “closing various
exceptions” in the tax code. He did not specify what these would
be but did say the “absolute level” of upper-class taxes would
not go down.
Mnuchin said the changes in the tax codes would be the largest
changes since those under President Ronald Reagan in the 1980s.









