The Trump administration will unveil a tax reform plan very soon and expects it will be approved by Congress this year whether a healthcare overhaul happens or not, Treasury Secretary Steven Mnuchin said on Thursday.
“It will be soon, very soon,” Mnuchin told a conference on the sidelines of the IMF and World Bank spring meetings in Washington.
Mnuchin said the Treasury was working on tax reform options “day and night” but he gave few specifics. “It will be sweeping, it will be significant and it will create a lot of economic growth,” he said.
President Donald Trump campaigned on promises to lower taxes and boost economic growth. Trump, who took office in January, suffered a setback last month when the Republican-controlled Congress pulled a proposal to overhaul health care rules that would have generated savings for public coffers.
Trump has since said the administration will continue trying to replace health care legislation enacted by his predecessor, Barack Obama, though Mnuchin said tax reform will move forward even if health laws stay the same.
“Whether health care gets done or health care doesn’t get done, we’re going to get tax reform done,” he said,
Trump’s tax plan would lower rates but most of the revenue lost under that plank of the reform would be gained back by boosting economic growth, Mnuchin said. “The plan will pay for itself with growth.”
(Reporting by Jason Lange and Lindsay Dunsmuir; Editing by Chizu Nomiyama)
GOP leaders in open warfare with Trump’s White House as another government shutdown looms
According to a report in the Washington Post, GOP leaders are at an impasse with the White House on future budget concerns as President Donald Trump's chief of staff -- which is leading to fears of another government shutdown.
The report states, "GOP leaders have spent months cajoling President Trump in favor of a bipartisan budget deal that would fund the government and raise the limit on federal borrowing this fall, but their efforts have yet to produce a deal."
Trump Twitter-snarls at ‘Impeachment Day’ protesters as the product of ‘Radical Left Democrats’
President Donald Trump lashed out at Impeachment Day protesters on Twitter on Sunday morning, downplaying their efforts after seeing a report on Fox News.
Taking to Twitter the president wrote, "Yesterday was the Radical Left Democrats big Impeachment day. They worked so hard to make it something really big and special but had one problem - almost nobody showed up. “The Media admits low turnout for anti-Trump rallies ...saying enough. Democrat voters want to hear the politicians talking about issues. This is a huge distraction and will only help Donald Trump get elected. 'Greatest President since Ronald Reagan' said a counter-protester. LehighValleyLive."
Trump’s first term: hits and misses
"Promises made, promises kept," goes one of President Donald Trump's main 2020 reelection slogans. Is that true?
Here are some of the key policy hits and misses -- comparing his accomplishments to his promises -- from a tumultuous first term.
- HITS -
The economy will be Trump's major selling point.
GDP grew 3.1 percent in the first quarter of 2019 and the last recession was a decade ago. Unemployment is at a 50-year low of 3.6 percent.
Trump's frequent claim that the economy is probably "the best" in US history is an exaggeration, though.
Economists see growing dangers, including exploding government debt and growing backlash from Trump's aggressive trade policies, especially with China.