Steven Mnuchin says tax plan to create 'jobs, jobs, jobs'

The treasury secretary talks to "GMA" about how the White House plan would affect individuals and President Trump's taxes.
7:04 | 04/27/17

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Transcript for Steven Mnuchin says tax plan to create 'jobs, jobs, jobs'
We are joined now by one of the architects of the president's plan, treasure secretary Steve mnuchin. Secretary mnuchin, thank you for joining us this morning. Everyone wants to know how this plan is going to affect them. You say it's all about middle class tax cuts so can you tell the middle class families watching right now, a family of four earning $60,000, how much they'll save under the president's plan. First of all, let me say it's great to be here with you this morning. This is about middle income tax cuts and although we're not releasing the specific numbers, this is about creating economic effects and tax cuts for the middle class. It's also about creating tax simplification so that most Americans will be able to fill out their tax returns on a giant postcard. People are tired of way too much complexity, and this is also about making business taxes competitive, which will create American jobs. But don't the details matter? Why can't you say how this is going to affect the middle class family? Well, the issue is that we are working with the house and the senate, and our objective is to turn this into a bill that will pass and the president will sign. As you know, the details of taxes are very complicated and we're committed to working quickly in getting this done. This is about telling the American public what the president's principles are which are all about economic growth, jobs, jobs, jobs. Can you guarantee that no one in the middle class is going to pay more? That's our objective, absolutely. Is it a guarantee? I can't make any guarantees until this thing is done and on the president's desk, but I can tell you that's our number one objective in this. How about the wealthy? During the campaign Mr. Trump told me that he thought taxes on the wealthy should go up. Listen. Bottom line, do you want taxes on the wealthy to go up or down? They will go up a little bit and they may go up, you know -- But they're going down in your plan. In my plan they're going down but by the time it's negotiated they'll go up. Does that still hold, when the negotiations are done taxes on the wealthy will go up? Again, the focus right here is lowering the top rate in return for eliminating deductions in special interests and that's what we're committed to. This is aboutmaking tax simpler and getting rid of special interests. We're way too tired of people having special interests and making sure that we create investment. I was asking about the impact on taxes on the wealthy. The president said there he thought the taxes should go up after the negotiations. Right after the elections you said no absolute tax cut for the upper class, any tax cuts will be of by fewer deductions. Are you still promising absolutely no tax cuts for the wealthy? Again, that's the objective but we're working with congress, with the house and the senate, we're having listening sessions, and this is about turning into a bill that will get signed. But the objective is absolute no tax cuts for the wealthy? That's the objective. We'll see where we get from here. We know that several provisions have the ability to benefit president trump in a big way, cutting taxes on businesses from 39 to 15%, eliminating the alternative minimum tax. So this plan right now would be a tax cut for president trump, isn't it? Let me say this isn't about president trump's tax returns. This is about the American public's tax returns. This is about creating economic effect for small and medium sized businesses and making sure they have the same opportunities as large corporations. But we know from the last trup tax return back in 2005 shows that he paid $38 million in taxes on $153 million in income. Without the alternative minimum tax he would have paid $7 million, less than a 5% rate. So is that an acceptable outcome on your plan, that someone pay less than a 5% rate on more than $150 million in income? Again, I'm not going to comment on the specifics of that. This is really about -- But I was asking about the principle. On the principle 5% rate on $150 million in income, is that okay under the president's plan? Again, let me just say, we're going to get rid of lots and lots and lots of deductions. So making assumptions as to what the impact on any person's individual taxes, until we get out the details, I don't think makes sense. This is about getting rid of deductions. For too long the rich have had special interests in deductions and what we're going to do is lower the rates to spur capital investment. And that's what this is about. Let me tell you that the ordinary worker bears about 70% of the tax burden on business, so by lowering business tax we're putting money back into the American worker's pockets and we Ary unleashing the economics so American businesses can be competitive, build manufacturing plants and create jobs. But the only deduction -- The trump plan is about jobs. The only deduction you specified is getting rid of state and local tax deduction. I want to ask you again, the principle, should someone making more than $150 million pay less than a 5% federal tax rate? Again, the principle on this is getting rid of deductions and having fair taxes and simplifying taxes. That's what this is about. This is not about the president's taxes. This is about what's good for the American public. Let me assure you, what the American public cares about is creating jobs and economic growth. For too long in this country economic growth has been substandard, and we're going to grow it. This is about getting to sustained 3% gdp where we can unleash economic opportunities for American workers and for companies. Why don't the American people have a right to know how this will affect president trump? Again, I'm not sure -- the American public has lots of information on the president's financials. He's released more information, and people have lots of information, and the American public, you saw, people voted for the president and -- You say he's released more information. He's the only president in modern times since Nixon who hasn't released his tax returns. That's not more information. That's far less. Again, this is about American jobs. The trump economic plan is about creating jobs, jobs, jobs and economic growth. And we're tired of, in this country, having the highest business tax rates, taxing on worldwide income, and leaving trillions of dollars offshore. It's not a surprise that American business has left trillion dollars offshore. This is about bringing back that money. We've met with hundreds and hundreds of business executives who have had input into this. We're going to have more listening sessions. And this is about getting the most sweeping tax cuts and tax reform passed by this president to create economic growth. Mr. Secretary, thanks for your time this morning. Thank you. One thing we can safely say, lots of details to come. Still no details and no specifics right now but let's

This transcript has been automatically generated and may not be 100% accurate.

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