Is the Greatest Federal Income Tax Reform since Reagan Looming?

rascon cpa, the rascon cpa firm, cpa services,accountant, accounting firm, surface transportation act of 2015President-elect Donald Trump’s pick for Treasury secretary, Steven Mnuchin, has signaled in his first interview on polices under a Trump Administration, that taxpayers “should expect the largest tax change since Reagan.” Mnuchin, in his November 30 interview with CNBC, predicted that “we’re going to get to 15 percent” when discussing the corporate income tax rate and said that there would be a “big tax cut for the middle class” on the individual income tax side of the Trump Administration’s tax proposals.

Mnuchin said that, contrary to reports that the Trump Administration would recommend tax changes that would largely benefit high-income and high-net worth individuals, there would be no absolute tax cut for higher income earners. “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.”

House Ways and Means Chairman Kevin Brady, R-Tex., has said he looks forward to working with Mnuchin while remaining Chair of the tax writing committee. “With a long history in the private sector, Mnuchin understands what policies work for businesses—small and large—to create jobs, increase families’ paychecks, and grow our economy,” Brady said in a statement after President-elect Trump’s announcement.

Senate Finance Committee (SFC) ranking member Ron Wyden, D-Ore., however, expressed skepticism of Mnuchin as the top Treasury pick. “Given Mr. Mnuchin’s history of profiting off the victims of predatory lending, I look forward to asking him how his Treasury Department would work for Americans who are still waiting for the economic recovery to show up in their communities,” Wyden said. In the coming weeks, Mnuchin’s nomination will receive a “full and thorough review” from the SFC, according to Wyden.