Mnuchin wants "very significant" tax reform by August recess

24 February, 2017, 00:53 | Author: Elaine Woods
  • Neil Catania right talks with a fellow trader on the floor of the New York Stock Exchange Wednesday Feb. 22 2017. Declines in energy and industrial stocks are leading U.S. indexes slightly lower in early trading as the market comes off a record closi

President Donald Trump had promised major tax reform and leaner regulations as part of his election campaign, vows that have pushed USA equity markets to records highs since the election.

On Wall Street, the Dow booked an all-time intraday high for a 10th straight day, while S&P 500 touched a record high before retreating.

Gains in energy shares due to a jump in oil prices helped lift the equity market.

U.S. Treasury Secretary Steven Mnuchin is hoping for "very significant" tax reform before Congress takes a recess at the end of the summer.

"Tax reform is our number one objective", Mnuchin told Fox Business Network's Maria Bartiromo.

Mnuchin said the administration is "primarily focused on a middle-income tax cut and a simplification for business", according to CNBC.

"There's an incredible amount of liquidity out there and we want to make sure banks put it to work", he added. But investors were disappointed when Mnuchin conceded that this was "an ambitious timeline".

"It could slip to later this year", he said.

Specialist Robert Tuccillo works on the floor of the New York Stock Exchange Wednesday Feb. 22 2017. Declines in energy and industrial stocks are leading U.S. indexes slightly lower in early trading as the market comes off a record closing high the day
Mnuchin wants "very significant" tax reform by August recess

Investors were also perturbed that the Trump administration appears undecided over whether to back a controversial 20 per cent border adjustment tax - which would tax USA imports and exempt exports from taxation.

The tax plan of Republican House leaders includes the border adjustment tax, which could be a major source of tax revenue. "We're going to have a plan to address those concerns", Mnuchin told CNBC.

Meanwhile, US construction, engineering and material stocks are being weighed down by worries that the Trump administration is set to push back its $US1 trillion infrastructure spending program until next year.

Mnuchin acknowledged that the administration's growth estimates likely will be higher than what Congress uses to score the tax plan. He admitted that congressional estimates will project a bigger hit to the federal deficit because of slower growth forecasts.

Mnuchin also said the administration is still aiming for sustainable economic growth of 3 percent or more but cautioned that the tax reform plan will take time to impact the economy.

"We think it's critical that we get back to more normalized economic growth".

While he said the cuts would be integral to achieving the administration's goal of at least 3% economic growth, a level called "very achievable". "But I'm not looking to do that", he said.

Mariah Carey Confirms Romance With Bryan Tanaka, Despite Cannon's Disbelief
He claimed that, "first of all, I think the whole reality show is fake", on the SiriusXM's The Howard Stern Show. Interestingly Carey and Tanaka's growing romance has always been the interest of many.

Toxic metal at higher concentrations in gluten-free food?
Researchers' analysis found that both mercury and arsenic levels were elevated in participants who kept a gluten-free diet. In order to compensate, gluten-free products oftentimes contain rice flour as a substitute for barley, rye, and wheat.

Former turnbuckle biter George 'The Animal' Steele, 79, dies
Steele made his in-ring debut in 1967 and quickly established himself as a charismatic, if slightly unhinged, villain, or heel. He'd actively wrestle for the company for over 20 years until 1988, retiring due to Crohn's disease complications.

Recommended:

  • Rick Pitino gets angry with North Carolina fan

    Rick Pitino gets angry with North Carolina fan

    Most have been blowouts by double digits, and the Cardinals do not have the offensive firepower to keep up in a fast-paced game. But when everything is taken into account, the final week or so of the ACC regular season is somewhat akin to the first week.
    Showdowns to shape the India-Aust series

    Showdowns to shape the India-Aust series

    There have been some unfortunate and controversial incidents in the past which are hard to overlook ahead of the series. Even in Mumbai it was a similar case, where we lost the toss and they put 400 runs and we won by an innings.

    Germany encouraged, United Kingdom anxious over Opel-Vauxhall sale to PSA

    There are fears the deal, which would turn PSA Group into Europe's second largest auto maker, could lead to job losses. That sent alarm bells ringing in Britain.
  • UFC: Derrick Lewis keeps flirting with Ronda Rousey after knocking out boyfrend

    He later knocked Browne down with a right hand and finished him on the ground with a series of unanswered punches. Lewis delivered some serious upper body blows to Browne before he fell on his back onto the mat.
    Manchester City v AS Monaco, Champions League 2016/17

    Manchester City v AS Monaco, Champions League 2016/17

    It is very important for people who look at us, evaluate us and criticise us to see we are going in the right direction". Monaco will be hoping to get at least a draw here so they will be at the upper hand when going home.
    Mahama attends Barrow's Inauguration

    Mahama attends Barrow's Inauguration

    Special adviser for Barrow said a Chadian plane helped him to transport luxury goods including luxury vehicles of Gambia. The official swearing-in of President Barrow has also been tied to The Gambia's 52nd Independence Day celebration.
  • John Oliver On Putin's Russian And 'Moral Equivalence' With The US

    That's not exactly the step toward world peace you're probably hoping for. Them, good vs. evil Cold War propaganda promotion.

    Ivan Koloff, wrestling's "Russian Bear", dead at 74

    He was also a four-time NWA Mid-Atlantic Heavyweight Champion and a three-time NWA Television Champion. Koloff moved to the National Wrestling Alliance as a leader of a group called "The Russians".
    Mark Zuckerberg lauds Narendra Modi for connecting with people via Facebook

    Mark Zuckerberg lauds Narendra Modi for connecting with people via Facebook

    Zuckerberg also stressed on the need for the online bonding or camaraderie that people share online should also reflect in the physical world.
  • Unilever launches strategic review after Kraft-Heinz ditches mega deal

    The highest price KHC stock touched in the last 12 month was $97.77 and the lowest price it hit in the same period was $71.83. Kraft Heinz's $50-a-share offer was emphatically rejected by Unilever's board for "fundamentally undervaluing" the company.
    Trader Alert: Unusual Volume Spotted in The Dow Chemical Company (NYSE:DOW)

    Trader Alert: Unusual Volume Spotted in The Dow Chemical Company (NYSE:DOW)

    NN Investment Partners Holdings N.V. boosted its stake in shares of Dow Chemical Company (The) by 0.8% in the fourth quarter. The 14 analysts covering the company expect dividends of 1.98 Dollars for the upcoming fiscal year, an increase of 7.55%.

    New US immigrant ban to be better prepared: Kelly

    For others, he said, "we will have a short phase-in period to make sure that people on the other end don't get on airplanes". A federal judge in Virginia recently cited those comments in a forceful order declaring that the ban should be put on hold.


Popular

Jolie says Pitt remains part of the family
In fact, the actress will be taking on different projects in the subsequent years amidst a very hard divorce from Brad Pitt. The kids beamed with delight as they joined their mother at the grand unveiling of her latest project.

Microsoft launches Skype Lite in India
The tool promises to be less taxing on a smartphone's battery compared to the regular app by compressing large photos and videos. Also, the new app is created to run on old or low-end Android devices without consuming too much memory or processing power.

Uber launches investigation into allegations of sexual harrassment
Adding to the sexism at the organization, Fowler claims internal politics eroded any organization at the company. Fowler previously worked as one of the Uber's engineers from November of 2015 to December of past year .

Trump claims Democrats are faking Russian Federation stories
House Republicans were even less interested, with some shrugging off Democrats' calls for an investigation entirely. Ryan said it was his understanding that no classified information was discussed. "It is not clear whether Mr.

The Binding of Isaac: Afterbirth+ Delayed for Nintendo Switch
The port of Binding of Isaac: Afterbirth + for the upcoming Nintendo Switch, will not be a launch title as originally intended. Rodriguez says that the little details of the game pays homage to the 8-bit era and has some never-before-seen art inside.

Oscars 2017: Complete List of Nominations
Lottery Corporation is again letting movie buffs back their picks on the 89 Academy Awards . Want to take your Oscar pool to the next level? The Oscars air on February 26, 2017 on ABC.

High profile gymnasts come forward, claim abuse by doctor
Klages lawyer said she never heard any allegations against Nassar and that if she had, she would have reacted immediately. Donnelly and Feinstein are among a group of lawmakers who have demanded answers from USA Gymnastics.

Tsonga lands Rotterdam title
Cilic was beaten 7-6 (8), 7-6 (5) by sixth-seeded Frenchman Jo-Wilfried Tsonga, who defeated the former U.S. The silky Belgian third seed will be hunting his third career title and his first since 2014.

Norma McCorvey, 'Jane Roe' of Roe v. Wade court case, has died
The case made it to the Supreme Court on appeal later that year, and was decided in a historic 7-2 ruling handed down in 1973. She gave a second child up for adoption, but when she got pregnant a third time she chose to have an abortion.

Malaysian police arrest North Korean man over Kim Jong-nam's murder
The Chinese territory, a short ferry or helicopter ride from Hong Kong, is a popular gambling destination with mainland Chinese. Mr Kim had previously spoken out in the past against his family's dynastic control of isolated, nuclear-armed North Korea.