Treasury secretary: Pass a tax bill or markets will tank
Source: Politico
In the first episode of the POLITICO Money podcast, Steven Mnuchin offered an 'absolute guarantee' that a tax overhaul would be signed into law by the end of the year.
By BEN WHITE 10/18/2017 05:04 AM EDT
Steven Mnuchin has a stern warning for Congress: You could blow up the stock market if you fail to cut taxes.
The Treasury secretary, in the first episode of the “POLITICO Money” podcast, said Wall Street’s big run-up following the election of President Donald Trump is largely based on expectations of Congress passing a major tax-relief bill, and failure to do so could have significant consequences. The Dow is now up about 25 percent since the election, a fact Trump tweets about frequently.
“There is no question that the rally in the stock market has baked into it reasonably high expectations of us getting tax cuts and tax reform done,” Mnuchin said in the interview. “To the extent we get the tax deal done, the stock market will go up higher. But there’s no question in my mind that if we don’t get it done you’re going to see a reversal of a significant amount of these gains.”
If that sounds like a threat to Republicans — and perhaps some Democrats — to pass a tax bill, that’s because it is. In fact, some analysts on Wall Street say that if a tax overhaul falters, a big correction on Wall Street could help push the legislative process back on track.
Read more: http://www.politico.com/story/2017/10/18/mnuchin-tax-bill-markets-tank-243890
= new reply since forum marked as read
He has such a pnuchable face.
LET IT IMPLODE!
