In terms of his tax plan, which Trump seemed to have several different versions of throughout his campaign, critics warned that — under a Trump administration — the wealthiest Americans would see significant tax cuts, while some low- and middle-income households could actually end up paying more.
On Wednesday, however, Trump’s Secretary of the Treasury nominee Steven Mnuchin laid out a very different plan — one that would include “the most significant middle income tax cut since Reagan,” as he told Bloomberg.
In an interview on CNBC’s “Squawk Box” Wednesday morning, Mnuchin introduced a plan that, in some ways, seemed the opposite of what critics had warned was coming.
As Mnuchin explained:
“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.
There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it.”
In terms of the idea that the middle class would suffer under Trump’s tax policies, he added:
“When we work with Congress and go through this, it will be very clear.
This is a middle-income tax cut. And the child care credit is a big aspect of this.”
While it certainly seems like encouraging news for much of America, some couldn’t help but take a different view…like the one espoused in a New York Times op-ed, which promptly called out “Trump’s Flip-Flop on Taxes.”
Others were quick to criticize the president-elect along the same lines:
You mean he lied, right? Sane Americans already knew.
— JCESQ (@JCESQ82) November 30, 2016
no he will do what he wants he is a con man and as such cares nothing for those.he conned
— Wayne Porterfield (@waynep0005) December 1, 2016
so #Trump does yet another bait and switch. Is there anything he says that we shouldbelieve?
— Rickie (@BubsinBaltimore) November 30, 2016
For those who weren’t furious or stunned by the idea that a political figure could “flip-flop” — something that’s become known as an “art” in American politics — it seems there’s plenty to be excited about in this policy shift.
CNBC’s Jim Cramer, for example, said that he was “blown over” by Mnuchin’s newest details on the tax plan:
— Mad Money On CNBC (@MadMoneyOnCNBC) December 1, 2016
Referring to Mnuchin’s comments, the “Mad Money” host noted Wednesday:
“They talked about cutting corporate taxes, creating jobs, giving the middle class tax breaks — but not the rich. That’s going to spur growth.
Again, I can’t emphasize enough: these two picks [Mnuchin and Secretary of Commerce nominee Wilbur Ross] are about growing the pie, so everyone does better.”
In the end, Americans may not have to wait very long for to see what actually happens, as Mnuchin has noted that tax reform is “going to be something that absolutely happens within the first 90 days of this presidency.”
While it’s not impossible that the plan will see some changes as it moves through Congress, this newest revision certainly seems like cause for celebration for middle America — one of the key groups that supported Trump and helped earn him his place in the White House.