New Treasurey Secretary Announces Ambitious Goals
The recently confirmed Secretary of the Treasury, Steven Munchin, today announced his ambitious goals for a U.S. tax-code overhaul by August. He also wants to deliver economic growth at rates not seen in more than a decade, according to the Wall Street Journal. He said that the slower economic growth since the financial crisis had primarily been an anomaly and a result of Obama administration policies that can be reversed.
President Donald Trump has repeatedly made promises for tax reform and regulatory cuts since he took office without giving many details. Mnuchin said the administration is "primarily focused on a middle income tax cut and a simplification for business." He reiterated what he told CNBC in November that he is focused on any tax cuts for the wealthy being canceled out with closed loopholes.
The new Treasury Secretary said the administration still aims for "sustainable growth of 3 percent or more." He said he expects to hit that mark more toward the end of next year.