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Mnuchin Backs Off Trump's Promise of 10% Middle-Class Tax Cut

  • Tax focus will be on technical fixes, Treasury secretary says
  • Trump floated idea of middle-class relief before elections
Steven Mnuchin speaks during an interview in Washington, D.C. on Dec. 18, 2018.
Steven Mnuchin speaks during an interview in Washington, D.C. on Dec. 18, 2018.Photographer: Photographer: Al Drago/Bloomberg/Bloomberg

The Trump administration is setting aside a middle-class tax cut and planning to focus its tax efforts next year on fixing mistakes in the 2017 overhaul, according to Treasury Secretary Steven Mnuchin.

Mnuchin said he’s hoping to work with Congress on “some minor technical corrections” to the law, such as a drafting error that denies retailers and restaurants a tax break when they make renovations. He downplayed the prospect of the middle-class tax cut that Trump campaigned on in the days leading up to the midterm elections.