Secretary of the Treasury Steve Mnuchin promised Monday that if President Donald Trump’s pro-growth policies are enacted, the U.S. economy will expand at an annual growth rate of 3 percent or higher within two years.
Mnuchin said that if Congress is able to pass Trump’s tax overhaul package regulatory reform and if the administration is able to renegotiate major trade deals, the U.S. economy will reach the president’s targeted 3 percent growth rate. If those conditions are met, the U.S. can reach a “sustained level,” of growth that matches the administration’s target, Mnuchin said.
The U.S. labor market appears to be improving with consumer sentiment at its highest level in nearly two-decades and the stock market posting record numbers on an almost weekly basis. Some experts aren’t as sold on Mnuchin’s promise, as the U.S economy put up its weakest first-quarter numbers since 2014. With such a weak growth rate in the first-quarter, the administration likely faces some challenges in reaching its goal.
Trump previewed his much anticipated tax reform package on April 26 at the White House. The plan includes huge cuts to the corporate and business tax rates, a simplification of the filing process for individuals and families, and a one-time holiday rate on corporate cash brought back home. (RELATED: Trump Releases Highly Anticipated Tax Return)
The International Monetary Fund currently predicts the U.S. economy to grow under 3 percent rate for 2017 and 2018.
Mnuchin also said Monday that this tax overhaul package was this administration’s version of a jobs bill, Bloomberg reports.
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