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Tax cuts 2.0
2001400ex
Member Posts: 29,457
in Tug Tavern
Will pay for themselves. But only if we reign in spending.
"The president has asked us to start working on what we call tax 2.0," Mnuchin said told CNBC from the global economic forum Davos, Switzerland.
"They'll be tax cuts for the middle class and also be looking at other incentives to stimulate economic growth."
Trump needs a strong economy to boost his chances for a second term in the White House.
Mnuchin said the 2017 tax cuts had not caused runaway budget deficits and rejected claims that they would not pay for themselves ultimately, as he and other proponents claimed.
But to get there spending will have to be reined in, he said.
"But there's no question we need to slow down the rate of growth of government spending because we can't sustain these deficits growing at these levels," he said.
The federal deficit last year surged 26 percent or $205 billion to its highest level in seven years, and the Congressional Budget Office projects it will surpass $1 trillion this year.
https://www.yahoo.com/news/us-treasury-secretary-pledges-tax-cuts-middle-class-142757947.html
"The president has asked us to start working on what we call tax 2.0," Mnuchin said told CNBC from the global economic forum Davos, Switzerland.
"They'll be tax cuts for the middle class and also be looking at other incentives to stimulate economic growth."
Trump needs a strong economy to boost his chances for a second term in the White House.
Mnuchin said the 2017 tax cuts had not caused runaway budget deficits and rejected claims that they would not pay for themselves ultimately, as he and other proponents claimed.
But to get there spending will have to be reined in, he said.
"But there's no question we need to slow down the rate of growth of government spending because we can't sustain these deficits growing at these levels," he said.
The federal deficit last year surged 26 percent or $205 billion to its highest level in seven years, and the Congressional Budget Office projects it will surpass $1 trillion this year.
https://www.yahoo.com/news/us-treasury-secretary-pledges-tax-cuts-middle-class-142757947.html