“The president has asked us to start working on what we call ‘tax 2.0,’ and that will be additional tax cuts,” Treasury Secretary Steven Mnuchin said.
"The president has asked us to start working on what we call 'tax 2.0,' and that will be additional tax cuts," Mnuchin told CNBC during an interview at the World Economic Forum in Davos. "They'll be tax cuts for the middle class, and we'll also be looking at other incentives to stimulate economic growth."
Mnuchin maintained that the tax cuts would pay for themselves even as growth as fallen well short of the administration's promises of 3%-4% annually. He did concede that the level of spending needs to be curtailed. The White House pushed through a bill in late 2017 that pulled the business tax down sharply and also lightened the load for many individual taxpayers. However, economic growth has fallen below 3%, and the red ink has continued to grow.
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