Key Trump adviser claims tax cuts will still 'pay for themselves' even as coronavirus drags on US economy
Treasury Secretary Steven Mnuchin said Wednesday that a $1.5 trillion Republican-led tax cut package would still pay for itself through higher economic growth, even as a coronavirus outbreak raised concerns about a potential downturn in the US and elsewhere.
At a hearing before a House subcommittee, Mnuchin was pressed on the longstanding claim that the 2017 Tax Cuts and Jobs Act would bolster enough gross domestic product growth to make up for steep losses in government revenue. Nearly every major independent"Here's the good news, this is just math," Mnuchin said, adding that the Treasury Department had "internal projections" that showed the economy was on track to grow at the pace necessary for tax cuts to break even.
. Economists have dimmed growth forecasts for the US even as central banks and governments scramble to soften the blow of travel restrictions and shuttered factories. Mnuchin acknowledged that the disruptions would affect the US economy but added that he expected a recovery in the short term. But even before the outbreak, annual GDP had consistently fallen short of the 3% target set by the White House.
"This is an issue that's going to affect the next year," Mnuchin told a House subcommittee on Wednesday, referring to COVID-19. "It's not a longer-term impact."
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Beiersdorf after-tax profit risesBeiersdorf AG said Tuesday that its adjusted profit for 2019 increased slightly, and it issued guidance for the current year. The maker of Nivea skin cream saw an underlying aftertax profit of 795 million euros ($882.7 million) for the period, compared with EUR756 million a year earlier. Underlying earnings before interest and taxes fell 0.5% to EUR1.11 billion, due to strategic investments that were part of the company's strategy CARE+ plan.
Les mer »
IRS Statistics Reveal Tax Season Filing Numbers Still Off 2019 PaceTaxpayers still aren’t rushing to file: that’s the initial takeaway from a second set of statistics released by the Internal Revenue Service (IRS).
Les mer »
Mnuchin hails Fed decision to cut rates amid coronavirus outbreak, as Trump calls for more actionTreasury Secretary Steven Mnuchin told lawmakers Tuesday that he supported the Federal Reserve's decision to cut rates in a bid to support the economy amid the coronavirus outbreak.
Les mer »
Super Tuesday polling stations take extra precautions amid coronavirus - Business InsiderSuper Tuesday polling locations are taking extra precautions amid coronavirus outbreak, including offering hand sanitizer and letting voters drop off their ballots without leaving their cars
Les mer »
Coronavirus: France imposes hand sanitizer price controls amid panic-buying - Business InsiderFrance has imposed strict price controls on hand sanitizer as coronavirus panic-buying sends prices soaring
Les mer »
Ray Dalio coronavirus comments: Rate cuts futile, select markets will be hurt - Business Insider'One of those once in 100 years catastrophic events': Billionaire Ray Dalio says coronavirus will 'annihilate' select parts of the market — and warns further emergency rate cuts will be futile
Les mer »