Trump’s Treasury pick promises biggest middle-class tax cut since Reagan

by Naomi Jagoda |  |  published on November 30, 2016

President-elect Donald Trump is going to ensure that the country gets “the most significant middle-income tax cut since Reagan,” Steve Mnuchin, Trump’s pick for Treasury secretary, told reporters Tuesday.

Mnuchin said at Trump Tower in New York that Trump’s tax plan would be a top priority for the incoming administration, and that it would include lowering both corporate taxes and personal income taxes for the middle class. It would also get companies to repatriate their overseas earnings to the United States and include benefits for child care, he said.

“This is going to be a tremendous boon to the economy,” he said.
The last major tax reform overhaul passed under President Reagan in 1986.

The Treasury secretary pick said that the Trump administration’s “No. 1 priority” would be the economy and achieving economic growth of 3 to 4 percent. “We believe that’s very sustainable,” he said.

Another goal for the incoming administration is infrastructure spending.

“We need to make sure that our infrastructure is built for the 21st century,” Mnuchin said. He added that the administration would look at “a lot of different things” to pay for it, including public-private partnerships.

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