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- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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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.