Tags: Trump Administration | Mnuchin | trillion dollar | growth | tax | IRS

Mnuchin Sees $1T Revenue Growth From Tax Overhaul

Image: Mnuchin Sees $1T Revenue Growth From Tax Overhaul
Steve Mnuchin (Reuters)

Friday, 12 January 2018 10:15 AM

Treasury Secretary Steven Mnuchin said Friday that he believes the Republican tax cuts will ultimately become revenue neutral over 10 years due to higher growth, but the Treasury will likely ask Congress for more money to implement the plan.

Namely, to make "significant" hires at the IRS.

"We would expect that we would hire a significant number of people to help with the implementation," Mnuchin said.

"We think there will be over $1 trillion in growth, so I do think this will pay for itself," Mnuchin told an event hosted by the Economic Club of Washington, dismissing estimates from the Joint Committee on Taxation that the tax cuts will increase U.S. deficits by $1.1 trillion to $1.5 trillion over 10 years.

Mnuchin said that for modeling purposes, the plan assumes 2.9 percent annual U.S. growth, but "we do think we can get to three percent or higher." 

© 2018 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Headline
Treasury Secretary Steven Mnuchin said Friday that he believes the Republican tax cuts will ultimately become revenue neutral over 10 years due to higher growth, but the Treasury will likely ask Congress for more money to implement the plan....
Mnuchin, trillion dollar, growth, tax, IRS
147
2018-15-12
Friday, 12 January 2018 10:15 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved