Treasury Secretary Steve Mnuchin made a surprising revelation on CNBC this morning ... and that is that people earning a million dollars or more a year will see, under the new tax laws, their taxes go UP on average by 3%! If this be true, then not only is this a good populist stance, but it flies in the face of all the Democrat demagoguery ... that this tax reform is a gigantic tax cut for the wealthy.
This Chuck Schumer claim is predicated on the elimination of the Alternative Minimum Tax (AMT) ... an elimination which I hope doesn't happen (see featured post on this blog ... Taxing Times ... which basically is an updated form of an AMT). But, if Mnuchin is being truthful, then I applaud the efforts of Congress on tax reform.
My fingers are crossed.
