Mnuchin has an important warning for stock-market investors

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"It's somewhat of a philosophical issue", he said. She said she's anxious that slashing the rate for partnerships, limited liability companies and other so-called "pass-through" businesses to 25 percent - down from a current top rate of 39.6 percent - would overwhelmingly benefit millionaires.

This contradicts a statement Mnuchin made in September on CNBC's SquawkBox, when he stated, "Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class".

"Mnuchin says it's hard to avoid cutting taxes for the very wealthy (such as Trump)".

"The thing that I think has been soft-pedaled here, which is the most important part, and that is the actual loophole closings, because without closing $4 trillion worth of loopholes, you don't have tax reform", Corker told reporters Tuesday. That figure involved some educated guesswork based on details in earlier GOP proposals, since the White House-Congress "Big Six" plan has not yet filled in many details.

"The president's priority has been not cutting taxes for the high end", Mnuchin continued.

Analysis from the Tax Policy Center at the Brookings Institute also found this tax plan would be a boon for wealthy individuals at the expense of the working and middle class. His Treasury Secretary Steve Mnuchin vowed as much in January.

News accounts have credulously accepted the premise that Republicans don't want to deliver a tax cut to the rich, but it's just so darn hard to avoid.

A separate poll by CNN found that 52 percent of Americans oppose the Trump tax plan, with only 24 percent believing the plan will make them better off.

But Mnuchin, who like Trump and many top administration officials is very wealthy, cast abolishing estate taxes as a matter of fairness rather than math. Other features of the plan that voters indicated they would support include a one-time repatriation tax for income held overseas and a repeal of the estate tax. The reason Republican plans cut taxes for the rich is that Republicans believe rich people are paying far too much in taxes, not because there's some conceptual barrier to not cutting their taxes. "Why should people have to pay taxes again when they die?"

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