Mnuchin Warns of Tax Reform Delay Following Healthcare Setback
Mnuchin Warns of Tax Reform Delay Following Healthcare Setback
18 Abril, 2017, 06:21
Trump and Republicans in Congress are also trying to overhaul the Affordable Care Act, commonly known as Obamacare.
Mnuchin also told the Financial Times he agreed with Trump's view that the dollar's strength in the short term was hurting exports, but said he saw the currency's strength over the long term as a positive.
Last March, Mnuchin said he was aiming to have a tax bill "signed" before August in line with Trump's campaign pledges for tax reforms.
'It is fair to say it is probably delayed a bit because of the healthcare, ' Mnuchin told the newspaper.
Congress also works better when facing a recess deadline, so failure to enact the legislation by August means it might not happen until sometime in the fall - if at all. Or an overhaul of the tax system could take much longer than anticipated.
The Trump administration and congressional Republicans are still drafting their tax proposals.
He noted that a sticking point on reform is whether to implement a "border adjusted" plan that would tax imports while exempting exports.
Supporters of the border-adjustment provision point out that it would raise $1 trillion in revenue that could be used to help pay for lowering tax rates.
Trump promised during the campaign to cut the federal corporate tax rate to 15% from its current 35% and lower personal taxes. "ORCRP016487-topic.html" class="local_link" >Wal-Mart Stores Inc.
Mr Mnuchin said there may be other ways of raising $1tn without incorporating the border adjustment, saying the measure was just one of many elements being examined by a 100-strong Treasury team. He said that there could be a difference of close to $2tn in revenues under different economic scenarios, adding that the difference between growth of 1.8 per cent and 3 per cent was "staggering" when compounded.
'Economic growth creates lots of revenues, ' Trump's treasury secretary pointed out. "When you calculate whether it is deficit-neutral or not, there are a bunch of different calculations and a bunch of models".
Washington's standoff with Pyongyang was seen adding a new dimension to U.S. -Japan economic talks, as the United States has sought support from China in confronting North Korea.
Mr Mnuchin said the Trump administration viewed sanctions as a critical tool as he revealed that Treasury was poised to impose more than 200 sanctions on Syria after the recent gas attack that sparked a U.S. missile strike on Syria.
The top three podium finishers for the women's race all have one thing in common: this was their Boston Marathon debut race. Two-time Boston Marathon victor Joan Benoit Samuelson, left, congratulates Edna Kiplagat, of Kenya, on her victory.
For four decades, presidents and major party nominees have released some of their tax returns, with the exception of Gerald Ford. Despite that admission, Trump and his team continued to say that his taxes were under audit throughout the campaign.
The console should continue to enjoy good sales, especially with Mario Kart 8 Deluxe coming up at the end of the month. NPD reported yesterday that the Switch had sold more than 906,000 units in North America for March.
Finally, taking his leave Pope Francis said, "may Jesus, who vanquished the darkness of sin and death, grant peace to our days". He said he comes on Easter because it's the most important day of the year. "We attend services and have breakfast together".
A South Korean defense official said the action took place in Sinpo, a port city in eastern North Korea. He said: "Let me assure you under President Trump's leadership, our resolve has never been stronger".
He moved to Bhopal with his father in the late 1950s. "My deepest condolences to his family and the entire Dainik Bhaskar Group". Madhya Pradesh public relations minister Narottam Mishra recalled Agrawal's contribution towards Hindi journalism.
Su abogado, Rodrigo Sandoval , dijo que Duarte probablemente aceptará ser extraditado, por lo que podría ser un proceso rápido. Autoridades locales de Guatemala dijeron que la habitación fue comprada hace ocho meses en 300 mil dólares.
Delta has raised the compensation available to passengers who have to give up their seats on overbooked flights to almost $10,000. The National Consumers League last week blamed the United incident on a lack of competition in the American airline industry.
Kaur began reading out a piece about the auto accident in Mahasamund district which claimed lives of three and left two injured. She called the reporter for more details from the accident site before informing her family about the accident, Mittal said .
De Zuleta said overall, the procedures "fell short of full adherence" to the standards Turkey has signed up for. With 99.97% of ballots counted, the Yes campaign had won 51.41% of the votes cast, while No had taken 48.59%.
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Almost five hours after the shooting, Williams said authorities hadn't had a verifiable report of a sighting of Stephens. Early Monday morning, police in the city of Erie - and the state police - both said this was unconfirmed information.
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