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Treasury secretary: President Trump 'has no intention' of releasing tax returns

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WASHINGTON – The U.S. treasury secretary says President Donald Trump "has no intention" of releasing his taxes returns to the public.

Steve Mnuchin (mih-NOO'-shin) made the comment while briefing reporters on the president's new proposed tax plan Wednesday.

Trump has repeatedly refused to make his past returns public, breaking decades of tradition. He says it's because his taxes are being audited by the IRS.

While it's impossible to know for sure without access to his returns, Trump's proposed tax plan could save the president and his family significantly over the years to come.

Mnuchin declined to comment on that potential conflict of interest.

President Donald Trump proposed dramatic cuts in the taxes paid by corporations big and small Wednesday in an overhaul his administration says will spur economic growth and bring jobs and prosperity to America's middle class. But his ambitious plan alarmed lawmakers who worry about ballooning federal deficits.

 

The plan would also reduce investment and estate taxes aimed at the wealthy. But administration officials said that action on other key tax code elements would ensure the plan would largely help the middle class instead of the affluent.

 

The White House has yet to spell out how much of a hole the tax cuts could create in the federal budget, maintaining that the resulting economic growth would reduce-- if not eliminate -- the risk of a soaring deficit.

 

MORE ON THE TAX PLAN HERE.