“The top 20 percent of the people pay 95 percent of the taxes. The top 10 percent of the people pay 81 percent of the taxes,” U.S. Treasury Secretary Steven Mnuchin told Politico.
“So when you’re cutting taxes across the board, it’s very hard not to give tax cuts to the wealthy with tax cuts to the middle class. The math, given how much you are collecting, is just hard to do,” Mnuchin said.
The Daily Business News has been reporting on the push by the National Association of Manufacturers (NAM) and the National Federation of Independent Business (NFIB).
The Manufactured Housing Institute (MHI) and the Manufactured Housing Association for Regulatory Reform (MHARR) have not taken a public position on tax policy. informal surveys of industry members suggest that the notion is popular among many industry business owners.
“In his interview,” per Bloomberg, “Mnuchin also defended the framework’s call for repeal of the estate tax, which applies to estates worth at least $5.49 million per person.”
“Why should people have to pay taxes again when they die?” Mnuchin said, per Bloomberg. “The Treasury chief gave an “absolute guarantee” that Trump would sign a tax bill by the end of 2017.”
Fox News’ Harris Faulkner interviewed GOP Senator Tim Scott, (R-SC) in the video, below. Scott is seen by many as a rising star in the GOP.
As MHProNews noted in today’s industry market report, “The economy is moving in a healthy direction. So says Stifel’s Hans Olsen, who gives his 18 to 24 month market projections and insights.”
The update added this pragmatic, cautionary note. “Here on the Daily Business News market report our take is nuanced. Growth is a natural result of the right policies, and other conditions. If meaningful tax reform gets passed, the market recovery can be sustained, or may accelerate. Without that, even voices in the Trump Administration admit the markets could turn if the anti-tax reform segments win the battle now underway.”
Among those voices that admit that the markets could sour without passing tax reform?
Steven Mnuchin. See the videos, from across the left-right political divide. “We Provide, You Decide.” © ## (News, Analysis.)
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.