PHILADELPHIA — With the House set to vote on the tax reform bill this week and concerns about it adding $1 trillion to the National Debt, Treasure Secretary Steve Mnuchin is confident the economic growth the bill provides will cover that.
“It’s about 35 basis points of additional growth is the break-even. And if we get 100 basis points of growth, it’s close to $2.5 trillion,” Mnuchin told The Rich Zeoli Show on 1210 WPHT. “We think this is going to create real economic growth. We also think that having a competitive business tax system is critical for jobs and critical for wages.”
Mnuchin went on to describe how the corporate tax cut will be beneficial to the economy.
“Right now, we have one of the highest corporate taxes in the world. We tax on worldwide income but people don’t have to pay those taxes if the money stays off shore. So, we think there will be trillions of dollars of money to come back on shore to invest here in America, for new jobs and new opportunities.”