Domenica, 04 Dicembre, 2016

Trump's Treasury Choice Says 'No Absolute Tax Cut' for the Wealthy

Highlight Story The Latest: Conway says Trump kids to have role in empire
Remigio Civitarese | 02 Dicembre, 2016, 13:17

Kellyanne Conway told The Associated Press Wednesday that "The three adult children who "The three adult children who do already work in the corporation are expected to continue in those roles and in fact increase their responsibilities in those roles".

"Let me first say what I've really been focused on is being a regional banker for the last eight years, and I know what it takes to make sure that we can make loans to small and mid-market companies, and that's going to be our big focus", Mnuchin said, promising to "scale back regulation so that we make sure the banks are lending".

Donald Trump's pick to head the Treasury Department wasted little time Wednesday spelling out that the incoming administration will seek a complete overhaul of taxation.

Mnuchin reportedly earned about $40 million while working at Goldman. He said funding options include some public-private partnerships.

He's putting people on notice that "eventually we are going to have higher interest rates and that's something that this country is going to need to deal with".

Yellen has said she has no plans to step down before her four-year term ends in early 2018.

Sen. Sherrod Brown (D-OH) criticized Trump for what he characterized as a turn away from the economic populism of his presidential campaign.

Speaking on CNBC's Squawk Box Wednesday, Mnuchin said he and Ross are "thrilled to work for the president-elect and honored to have these positions".

Billionaire industrialist Wilbur Ross also confirmed that he is the nominee for Commerce Secretary. The president-elect recently called Ross "my friend for a long time".

He says "nobody has made better use on the internet" than he did, adding "Trump has done exactly the same thing".

President-elect Donald Trump has filled more top posts on his economic team - picking former Goldman Sachs executive Steven Mnuchin as treasury secretary and financier Wilbur Ross to lead the Commerce Department. "I look forward to helping President-elect Trump implement a bold economic agenda that creates good-paying jobs and defends the American worker", he added.

"Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class. There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it", Steven Mnuchin said in an interview with CNBC. But in a Bloomberg Businessweek profile of Mnuchin from August, Trump's campaign finance chairman was asked about them.

Ross, 78, is a billionaire investor who, according to The Associated Press, has been dubbed by Wall Street as the "king of bankruptcy" for buying beaten-down companies with the potential to deliver profits. While I am not mandated to...do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses... Mnuchin would join Henry Fowler, Bob Rubin, Larry Summers, and Hank Paulson as former Goldman Sachs people who assumed the role.

It follows the nomination yesterday of Georgia representative Tom Price as health secretary - a significant post considering Mr Trump's pledge to replace President Barack Obama's signature Obamacare policy.

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