Canada Markets open in 3 hrs 16 mins

McConnell says he 'misspoke' about middle-class tax hikes

Jacob Pramuk
Joshua Roberts | Reuters. The amended Senate GOP tax bill would reduce federal revenues by an estimated $1.3 trillion to $1.5 trillion over a decade.

Senate Majority Leader Mitch McConnell on Friday acknowledged he "misspoke" when he said no middle-class Americans would see a tax hike under the Senate tax plan. He told The New York Times that "you can't guarantee that no one sees a tax increase." He added that the Senate aims to reduce the burden on the average taxpayer in each income bracket. Senate Republicans on Thursday unveiled a tax plan, seeking a broad reduction in the business and individual tax burden . While most taxpayers are expected to see cuts under the proposal, some Americans, depending on their specific circumstances, could pay more due to the elimination of certain deductions. A Times analysis estimated that about a quarter of middle-class families would see taxes rise in 2018. Other independent analyses have projected tax hikes for a pocket of the population under the Senate plan and a similar proposal working its way through the House. Read the full Times story here.

WATCH: McConnell says if anything unifies Republicans, it's tax reform

More From CNBC