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Treasury Secretary Planning Record Tax Overhaul


The new U.S. Treasury Secretary, Steven Mnuchin, has only been on the job for a week, but he is already making waves.

Mnuchin laid out ambitious goals, including promising record expansion for the economy, sustaining a 3% or higher annual growth rate, the Wall Street Journal reports.

Both the Federal Reserve and the Congressional Budget Office have so far projected an annual growth rate of around 1.8%. Growth has been around 2% annually for the past decade due to the impact on the labor force of Baby Boomers retiring.

Mnuchin also plans to overhaul the tax code by August before Congress leaves for recess though he conceded it may not actually happen until later in the year.

Pointing to a slower economy after the recent recession, Mnuchin said policies under the Obama administration have hampered improvement but can now be reversed.

It remains to be seen how the Trump administration will work with Congressional Republicans on their competing ideas regarding tax policy, but Mnuchin said he intends to find a compromise.

The Trump administration's goals include cutting taxes while spending more on infrastructure and the military and trying to ensure deficits do not go much higher.