Economics
Mnuchin Says Faster Growth Will Offset Cost of Tax Overhaul
- ‘We’re looking at reforms that will pay for themselves’
- Trump says administration will unveil the plan on Wednesday
Mnuchin Says 'We're Going to Get Tax Reform Done'
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The Trump administration’s tax proposal may inflict a short-term hit to revenue but will cover the gap by boosting economic growth over the next decade, Treasury Secretary Steven Mnuchin said.
U.S. President Donald Trump has promised “massive” tax cuts for corporations and individuals in a bid to stimulate the economy in what administration officials say will be the biggest overhaul since the 1980s. To finance the plan, Mnuchin is counting on the compounding effect of economic growth over the next decade, though the prospect of a revenue shortfall in the near term may prove thorny for some lawmakers.