As Trump prepared to host the two top congressional Democrats at a White House dinner, Treasury Secretary Steven Mnuchin told Fox News that the administration’s tax cuts could be paid for through economic growth.
The White House and the Republican-led Congress have not put forth a detailed tax plan, despite months of high-level talks that had until recent days excluded Democrats.
House of Representatives Speaker Paul Ryan said an outline of a plan would be unveiled during the work week beginning Sept. 25, with congressional tax-writing committees crafting detailed legislation in the subsequent weeks.
Mnuchin told Fox the administration would use its own economic assumptions to gauge the impact of its tax cuts on the federal budget deficit and the $20 trillion national debt, a key issue in Washington’s intensifying tax debate.
“It will be revenue neutral under our growth assumptions,” Mnuchin said. The administration believes that tax cuts will lead to much faster growth than do congressional analysts or private forecasters.Read more at Reuters