Mnuchins bullish view on US tax reform to be put to the test
Hours before the Republicans’ healthcare overhaul was defeated on Friday, the US Treasury secretary was sounding an upbeat note about another element of President Donald Trump’s agenda — tax reform. Healthcare is complicated, Steven Mnuchin declared at an event in a Washington art gallery. Tax reform, he said, is much more straightforward.
That bold assertion will be tested sooner than expected, as Mr Trump has signalled he is ready to set healthcare aside and move on to tax.
“We will probably start going very, very strong for the big tax cuts and tax reform,” the president said at the White House at the end of a tumultuous week in Congress. “That will be next.”
Many analysts question Mr Mnuchin's bullish view on the ease of tax reform. Republicans have put at the core of their attempts to lift growth ambitious and far-reaching changes to taxation of individuals and businesses, including a cut to the 35 per cent corporate rate, constituting the biggest overhaul of the system since the 1980s.
The plans have helped fuel a stock market rally. But Friday’s crushing political defeat of Mr Trump’s attempt to replace Obamacare has cast a cloud over the Trump administration’s entire programme.
The divisions within Congress — and indeed the White House — over the details of plans to ease the tax burden on companies and individuals are no less significant than over healthcare. The Republicans may ultimately end up falling back on a less ambitious set of tax changes for fear of having nothing significant to proffer to the electorate in the 2018 midterm elections.
https://www.msn.com/en-us/money/taxes/mnuchin%e2%80%99s-bullish-view-on-us-tax-reform-to-be-put-to-the-test/ar-BByPfIp?li=BBnb7Kz&ocid=edgsp
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Damn them and their bullishness!