RUSH EXCERPT:
MNUCHIN: "Jake, let me explain how that is true. We’re getting rid of lots and lots of reductions. We’re capping state and local reductions at $10,000, so one of the things we were very sensitive to is the high-tax states make up a good bit of the economy. So even lowering the top rate from 39 to 37, in the high-tax states, rich people’s taxes will be going up. The reason why we lowered the top rate is we’re very sensitive to that’s a very large part of the economy. But the president was right, there are rich people who are having their taxes going up.