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.
Continue Reading Below
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.
âLook, if youâre a small business owner, and youâre creating jobs, and youâre investing in your company, and youâre increasing your workerâs paychecks, you deserve to have a pass-through rate that is lower than the individual rate. And thatâs what weâre trying to address, on the pass-through side and the corporate side,â Sayegh told Maria Bartiromo on Mornings with Maria on Monday.
In Sayeghâs opinion the big debate will be centered on deduction eliminations.
âThere will be [a] fight around deduction elimination, no doubt about it. Weâre trying to scrap almost every deduction except for mortgage and charitable, and of course, weâre 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,â Sayegh said.