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 Mnuchin says economic growth likely for several years, credits GOP tax law
Category:International Legal News  
Subject:System reform   ; Legal system   ; Administrative law   ; Fiscal policy and taxation  
Publish Date:09-29-2018

Treasury Secretary Steven Mnuchin this week predicted robust economic growth for the coming years that he said will be bolstered by the 2017 GOP tax cuts.
"I would say I think we have visibility into a few years, and I think we couldn't be more optimistic about economic growth over the next few years," Mnuchin said Thursday during an interview with Bob Cusack, editor-in-chief of The Hill, as part of The Hill's Newsmakers Series events.
He noted that "there can always be world events and different things that impact this."
Mnuchin also praised the GOP tax law that went into effect in December.
"This was a fundamental change of the tax laws that make U.S. businesses very competitive," he said. "This was not just about tax cuts. This was fundamental changes to both the personal side — the lowest rates for pass-through businesses since the 1930s — and fundamentally changing the worldwide tax system so that we're competitive."
Still, some have argued that the U.S. could face another recession in the coming years.
Dan Berger, chief executive officer of the National Association of Federally-Insured Credit Unions, warned on Hill.TV earlier this month that the economy could contract if the government does not step in and break up big banks.
The U.S. economy expanded at a 4.2 percent annual rate in the second quarter of this year, according to figures released Thursday by the Commerce Department.
The unemployment rate in August was 3.9 percent, near an 18-year low, according to the Labor Department.
Republicans have said the GOP tax cuts from 2017 have played a significant role in contributing to improvements in economic growth and the labor market.
— Julia Manchester

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