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MNUCHIN “THIS TAX PLAN WILL CUT DOWN THE DEFICIT BY A TRILLION DOLLARS”

By VWArticles. Originally published at ValueWalk.

In an interview on FOX Business Network’s (FBN) Mornings with Maria (weekdays, 6a-9a/ET), Treasury Secretary Steven Mnuchin discusses the latest surrounding the proposed tax reform plan, telling anchor Maria Bartiomo that “this tax plan will cut down the deficit by a trillion dollars.”

Excerpts from the interview are below:

Video link: http://www.foxbusiness.com/politics/2017/09/28/tax-cut-plan-will-cut-deficit-by-1t-treasury-secretary-mnuchin.html

 

On future economic growth:

“We think there will be $2 trillion of growth. So we think this tax plan will cut down the deficits by a trillion dollars. That’s a large number. We’re focused on growth. We think that 3 percent GDP is a very moderate aspiration and we can do higher than that.”

 

On the tax reform plan:

“Maria, it’s not a tax cut for the rich. And as the president has said, he’s focused on income taxes and the wealthy not going down. And we’ve been working on that. We’ll continue to work with Congress on it. Obviously we’ve eliminated almost all deductions. So for the rich, that means that although the tax rate came down some, all their deductions disappear, which pays for it…This is about giving people a middle-income tax cut. This is about tax simplification and making our business tax of 20 percent and 25 percent for pass-throughs very, very competitive with the rest of the world.”

 

On whether the tax reform plan will be implemented before 2018:

“That’s the objective. And we’re going to work as hard as we can around the clock with Congress to get this signed in December.”

The post MNUCHIN “THIS TAX PLAN WILL CUT DOWN THE DEFICIT BY A TRILLION DOLLARS” appeared first on ValueWalk.

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