Mnuchin wants "very significant" tax reform by August recess
24 February, 2017, 00:53 | Author: Elaine Woods
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.
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.
Police report values Brady missing jersey at $500k
The case of the missing Super Bowl jersey is all about one item that has a high value, according to Houston police. Brady's jersey was already destined to draw a pricey valuation due to the circumstances of the Patriots' victory.
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.
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.
My health app states that I walk on average 10, 689 steps a day - so if we're going by the advised step average I'm doing good. These days 10,000 steps has become something of a mantra as a route to fitness, or at least the appearance thereof.
Church has already released some previously purchased tickets for his tour stops in Canada, which kick off February 28 in Ontario. Fans can buy re-released tickets to the remaining stops on his 60-city tour when they go on sale Tuesday at noon local time.
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.
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%.
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.
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.
De Kock went about business in the only way that he's familiar with and attacked the bowling with Faf du Plessis for company. De Kock added a 53-run stand with JP Duminy (34) and it ended when the latter was stumped off Mitchell Santner (2-46).
However, similar claims were made by Hamas after rockets were fired towards Israel's Eilat earlier this month. Three of the rockets were intercepted by Israel's Iron Dome; the fourth fell into an open field.
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.
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 .
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.
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.
Supreme Court hears Mexican citizen's case
Border Patrol agent shot and killed an unarmed 15-year-old near the border that separates El Paso, Texas from Juarez, Mexico. Justice Clarence Thomas, in keeping with his standard practice, did not speak or ask questions during the argument.
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.
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.
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.
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.