Mnuchin: For ‘Rich People’ in NY and California, ‘Their Taxes Are Going To Go Up’

‘Having said that they’ll get the benefit of the business tax reduction’

EXCERPT:

MNUCHIN: "I’m sympathetic to the issue in high-tax states. As I've said before, I’ve lived in New York and California. For rich people in those states, their taxes are going to go up. Having said that, they’ll get the benefit of the business tax reduction, they’ll get the benefit of pass-throughs which for small and medium-size businesses you’ll have the lowest rates since we’ve had in the 1930s. And we've run lots of numbers for people who make 100, 200, 300,000 in New York, and the vast majority of those people will get tax cuts."

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