![]() ![]() When we work with Congress and go through this, it will be very clear. Mnuchin: We don't believe in that analysis. Sorkin : Some of the analysis that suggested the middle class - that certain people, especially I think single family - single household - single parents, they may ultimately pay more. Mnuchin: Again, we'll allow - we'll cap mortgage interest, but allow some deductibility. Mnuchin: They'll still let you do charities, but t here'll be other deductions that are absolutely limited to pay for this.Ĭaruso-Cabrera : How about mortgage debt? Kernen : Should I donate to charity then this year? I mean, what are you going to do? There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it. There will be no absolute tax cut for the upper class. Any reductions we have in upper income taxes will be offset by less deductions. Not just the amount, but also the percentage cuts. Kernen: OK, the wrap is going to be the lion's share of the tax cuts go to the wealthy. Ross: I would rather talk about what this administration is going to do. Kernen : T he last administration kind of proved it in the converse I would say. Wilbur Ross: Well, this administration will prove it. Left has argued that there's no proof of that, supposedly. Michelle Caruso-Cabrera: Dynamic scoring means that when you cut taxes, some people believe that that changes behavior which leads to more revenue. Mnuchin: Of course it works and of course you have to have dynamic scoring. ![]() If you do 4 percent growth, you get more taxes, do you not? I don't see how they can come up with that. Kernen : Is dynamic scoring going to come back into people believing it? Because people - we've had people on that just flat out on the left say there is no proof that it ever works. Taxes are way too complicated and people spend way too much time worrying about ways to get them lower. That's another big part of this in simplifying taxes. So, the revenues will be offset on the other side. So, we think by cutting corporate taxes we'll create huge economic growth. OK? And the main component is obviously personal income and personal taxes. Mnuchin: I would first just say that corporate taxes are one component of revenues to the government. I don't know if you think that is a possibility. Sorkin : We had a guest on earlier in the morning, a Washington analyst who was suggesting they thought that the conversation would start at 15 percent and potentially could creep up. Kernen : Is it possible, Andrew, to get to 15 percent? Mnuchin: We're going to get to 15 percent and bring a lot of cash back into the U.S. Kernen : Where do you think you can get to on that? We're going to cut corporate taxes, which will bring huge amounts of jobs back to the United States. Wilbur and I have worked very closely together on the campaign. We've talked about this during the campaign. This will be the largest tax change since Reagan. And to get there our number one priority is tax reform. Mnuchin: No, I think i t's seasonally adjusted this quarter but I believe we can have sustained growth at that level. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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