Tony Sayegh, Assistant Secretary of the Treasury for Public Affairs, told FOX Business the GOP tax plan will benefit middle income families and small businesses.
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The plan would create a new special rate for business income and put high-wage earnings at a disadvantage, according to the Wall Street Journal.
“Look, if you’re a small business owner, and you’re creating jobs, and you’re investing in your company, and you’re increasing your worker’s paychecks, you deserve to have a pass-through rate that is lower than the individual rate. And that’s what we’re trying to address, on the pass-through side and the corporate side,” Sayegh told Maria Bartiromo on Mornings with Maria on Monday.
In Sayegh’s opinion the big debate will be centered on deduction eliminations.
“There will be [a] fight around deduction elimination, no doubt about it. We’re trying to scrap almost every deduction except for mortgage and charitable, and of course, we’re going to protect retirement savings but everything else -- the state and local tax -- we obviously understand that we need to simplify this code and also have to make it fairer,” Sayegh said.