Mnuchin: Americans Will See This Tax Cut in Their Paychecks in February

DICKERSON: Let me ask you, though, about on the — the top rate is going down. The president at one point said the wealthy won’t be getting a tax cut. Now they will, as it drops from 39.6 to 37.

Now, that balances out the deduction in state and local, but only for those people who live in high-state and local-tax states. So, again to this question of priorities.

Mark Sanford, Republican from South Carolina, said: “From a truth-in-advertising standpoint, it would have been a lot simpler if we just acknowledged the reality on this bill, which is, it’s fundamentally a corporate tax reduction and restructuring bill, period.”

What’s your response to that?

MNUCHIN: Not the case at all. Pass-throughs have the lowest rates that they ever had since the 1930s. That’s a huge part of engine of growth of small- and medium-sized businesses that are going to create lots of jobs.

And this is about hardworking families that are going to see starting in February tax cuts. We’re already working at the IRS to update the tax forms and update the tax charts. And they’re going to see this in their paychecks in February.