Steven Mnuchin Confirms Trump’s New Tax Plan Is Imminent – By Andrew Soergel (US News) / Jan 23 2020
The treasury secretary on Thursday confirmed that the White House is pushing for a new tax overhaul that will be published in the coming months.
Treasury Secretary Steven Mnuchin on Thursday said the White House is working on a new round of tax cuts, confirming President Donald Trump’s remarks earlier in the week that a proposal will be released within 90 days.
Speaking Thursday morning from the World Economic Forum’s annual gathering in Davos, Switzerland, Mnuchin told CNBC that Trump “has asked us to start working on what we call ‘Tax 2.0.'” Mnuchin’s remarks come just a few months out from what is expected to be a contentious presidential election in November.
Mnuchin said the new proposal will be designed “for the middle class” and that “we will also be looking at other incentives to stimulate economic growth.” He declined to discuss specifics.
“The president feels that we need to continue to incentivize the middle class,” Mnuchin said.
A day earlier, Trump teased a “fairly substantial” tax cut in an interview with The Wall Street Journal. He said its passage through Congress will be “subject to taking back the House and obviously keeping the Senate and keeping the White House.”
The messaging – that GOP support at the polls will be rewarded with lower taxes – is shaping up to be a key pillar of the president’s reelection campaign.
Continue to article: https://www.usnews.com/news/economy/articles/2020-01-23/trumps-new-tax-plan-is-imminent-steven-mnuchin-confirms
