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- Bill Cosby Found Guilty of Sexual Assault
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
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NEWSLETTERS & ALERTS
Donald Trump & Co.
Mnuchin Evolves: Never Meant His Comments to be Taken Literally or Seriously
Bess Levin, who authors the Levin Report for Vanity Fair, writes that Treasury Secretary Steve Mnuchin can’t conceive of a world in which the wealthy wouldn’t get a huge tax break. Yet, that has not always been Mr. Mnuchin’s tagline when it comes to tax reform.
Like many in the Trump administration - including our esteemed resident president - his views have evolved as he has
groaned grown with the job. According to Ms. Levin:
Back in November, then Treasury Secretary nominee Steve Mnuchin appeared on CNBC and made a bold statement: under Donald Trump’s tax plan, “there will be no absolute tax cut for the upper class.”
In May, Mnuchin began the slow-but-steady process of walking back his transition-period claim, saying that while the president’s objective was to “make a middle-income tax cut,” he could not actually promise that this would occur, “since the results will be a combined effort of the administration and the House and Senate.”
Four months later, Mnuchin told CNN that the claim he made during his congressional hearing “was never a promise . . . never a pledge.”
That claim came after the Big Six unveiled a tax plan that would: (i) bring the top tax rate down to 35%; (ii) eliminate the inheritance tax (which only affects estates worth more than $5.5Mn for an individual and $11Mn for a couple); (iii) slash the corporate tax rate to 20%, the savings from which studies show would largely go to “those at the top”; and, (iv) drop the rate on “pass-through companies” to 25%.
Like many things that come out of the Trump administration, Mnuchin’s comments were apparently never meant to be taken literally or seriously.
Oh, and in case you missed this point, ... left out of Mnuchin’s analysis was the fact that Team Trump doesn’t actually have to cut taxes across the board, but apparently that concept is so inconceivable that it has never crossed the Treasury secretary’s mind.