Treasury Secretary Steven Mnuchin said his taxes went up in the wake of the Republican tax rewrite thanks to its cap on state and local tax deductions
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The $10,000 SALT cap increases the effective state tax rates many pay, especially wealthy people living in high-tax states. Under questioning by lawmakers, Mnuchin said he didn’t know if his federal tax rate alone declined in the wake of the tax rewrite.Mnuchin also said he didn’t know if President Trump’s tax rate went down because of the tax law, saying he is unfamiliar with Trump’s tax situation.
Asked about Trump's budget proposal to end a tax break for electric cars, Mnuchin noted, "I own a Tesla, and I didn't need the $7,500 tax credit."
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