U.S. Treasury Secretary-nominee Steven Mnuchin outlined an economic agenda aimed at almost doubling the growth rate of the current expansion, saying he will boost jobs by making tax reform his overriding priority.
Mnuchin, speaking Wednesday on CNBC alongside Wilbur Ross, the billionaire investor who is President-elect Donald Trump's pick to be Commerce secretary, said tax cuts for businesses and the middle class, fewer regulations, infrastructure investment and bilateral trade deals can help the world's largest economy achieve 3% to 4% growth. The U.S. expansion has averaged 2.1% at an annual rate since the end of the 2007-2009 recession.
"We're going to cut corporate taxes which will bring huge amounts of jobs back to the United States," he said. "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 will pay for it."
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