TAPPER: Let’s turn to the president’s tax agenda. The president expected to roll out a tax plan on Wednesday. “Axios” is reporting that the plan would cut the tax rate paid by wealth Americans from almost 40 percent to about 35 percent as well as making dramatic reductions on taxes to big businesses and small businesses.

When you were selected as treasury secretary, you made a very specific promise and it was quickly dubbed the “Mnuchin rule.” Take a listen.

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MNUCHIN: Any reductions we have in upper income taxes will be offset by less deductions, so that there will be no tax — absolute tax cut for the upper class.

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TAPPER: Can you reaffirm that pledge, that there will be — quote — “No absolute tax cut for the upper class”? Is the Mnuchin rule still in effect?

MNUCHIN: I did say that.

I just want to clarify. It was never a promise. It was never a pledge.