President Donald Trump declared Wednesday that the rich won’t be getting richer under his administration’s tax plan and even signaled a willingness to raise taxes on the wealthy.
“The rich will not be gaining at all with this plan,” he told reporters ahead of a meeting with a bipartisan group of House members at the White House.
No formal plan currently exists, but Republicans in Congress expect to unveil details of its effort to reform the nation’s tax code by the week of Sept. 25.
For his part, Trump outlined four principles for tax reform on Wednesday: Simplify the tax code and make it fair; slash taxes “substantially”; encourage companies to hire Americans and grow in America; and return trillions of dollars that businesses have parked overseas.
“It’ll be the largest tax decrease in the history of our country for the middle class,” he said.
The president also stressed that his administration is focused on reducing taxes for the middle class and jobs — “jobs meaning companies,” he noted.
Trump added that he would like to see a 15 percent corporate tax rate, a figure Treasury Secretary Steven Mnuchin conceded may be unachievable, “and much lower than that for individuals.”
Asked if wealthy individuals would have to pay higher taxes, Trump said, “I think the wealthy will be pretty much where they are.”
“If we can do that, we’d like it. If they have to go higher, they’ll go higher, frankly,” he said. “We’re looking at the middle class, and we’re looking at jobs.”