For some time now, millions of Americans were unsure about whether or not President Donald Trump would make any cuts toward social security or medicare, and it seems like we finally have the answer. United States Treasury Secretary Steven Mnuchin took part in an interview with Fox News Channel’s Sunday Morning Futures. It was here that the secretary informed people about whether or not Donald Trump had plans to cut the two major federal programs.
Mnuchin said during the interview on Sunday:
“We are not touching those now. So don’t expect to see that as part of this budget, OK. We are very focused on other aspects and that’s what’s very important to us. And that’s the president’s priority.”
Millions of Americans will be glad to hear that the President does not have plans to cut these divisions. However, the comment made by Mnuchin plays into the fact that the Trump administration may have considered it or could cut it in the future. He claimed “we are not touching those NOW,” and that we should not expect it to be part of “THIS” budget.
During his election campaign, however, then Presidential candidate Donald Trump claimed he would not be cutting them. A strong portion of Trump supporters are in an older bracket, meaning they will use these programs or already do. Cutting them even slightly would be terrible for one of his bases. That said, however, Mnuchin mentioned that President Trump will dive into tax reform during his upcoming speech.
As mentioned earlier on the Inquisitr, Donald Trump has a new tax plan that he wishes to unveil soon which was rumored to come in the next speech. On top of this, according to Mnuchin Trump wishes to cut the number of tax brackets and “create a level playing field for U.S. companies to be able to compete with the world.” Clearly, if businesses thrives under Trump then various things could get better, such as job growth
According to Reuters,“Wall Street, which has sent stocks to record highs on anticipation of Trump’s tax cut plans, has grown impatient and could react negatively to a lack of substantive details about the plan in Trump’s speech, financial analysts said.”
The publication would go on to say regarding the upcoming tax plan that President Trump could do a lot due to both chambers of the United States Congress being controlled by Republicans, but there could be issues, saying,
“With both chambers of the U.S. Congress in Republican hands, Trump has the potential to enact major elements of his legislative agenda. But divisions with the Republican Party over the approach on Obamacare and taxes could prove to be an obstacle. Some Republican lawmakers have urged Trump to lay out more specifics on his policy plans, saying that more White House engagement is needed to build momentum in Congress for his agenda.”
During his interview with FOX, Mnuchin did not offer a lot of specifics on the new tax plan that Trump wishes to put out to help both businesses and Americans nationwide, as he claimed that key elements of the tax plan were not completely settled at this time. The Treasury Secretary did drop a bit of news, saying that Trump is looking into “reciprocal tax” in terms of trade with other countries.
Mnuchin would go on to say that Trump was still studying things very carefully regarding a House Republican border tax adjustment plan. If used, the plan would levy a 20 percent tax on imports. The idea would be that this would possibly encourage U.S. based production and more exports. The thought with the plan is that it might help to raise more than a trillion in revenue over the next decade, which would offset lower tax rates or businesses.
“There are certain aspects that the president likes about the concept of a border-adjusted tax, there are certain aspects that he’s very concerned about.”
Mnuchin then added that the Trump administration would be working with the House of Representatives as well as the Senate to craft what he claimed would be, “a combined plan that takes the best of all of this when we bring it forward.”
It will be interesting to see what President Trump has to say about the upcoming tax plan he has for Americans to see. If by chance he can make sure that the U.S. does not lose money in tax breaks to businesses and those businesses use their extra money to hire new workers to take down unemployment, then Trump’s tax plan would be considered a wild success and mostly likely continued even after his administration is out of office.
[Featured Image By Manuel Balce Ceneta/AP Images]