(Bloomberg) Donald Trump’s nominee for Treasury secretary said Wednesday that the president-elect’s tax plan won’t ultimately cut taxes for “the upper class,” which would be a major shift from the tax plan he proposed during the campaign.

“Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class,” Steven Mnuchin, who served as the Trump campaign’s finance chairman, told CNBC.

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