CHANGE? Trump’s Treasury Choice Says ‘No Absolute Tax Cut’ for the Wealthy.

High-income households won’t receive an “absolute tax cut” under a Trump tax plan, the president-elect’s new pick for Treasury secretary said on Wednesday, a promise that is at odds with tax proposals from Donald Trump and House Republicans.

Steven Mnuchin said that “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.” The big tax cut, he told CNBC, will go the middle class.

I’m less concerned with tax cuts than I am with eliminating regulations which stifle business formation and product/service innovation. Wealthy Americans need something productive to do with their dollars, rather than just speculating on equities markets.