Statement from the Treasury Secretary on President Trump’s Speech to Congress

Yikes, it doesn't add up.

Secretary of the Treasury Steven T. Mnuchin issued the following statement today in response to President Donald J. Trump’s speech to a joint session of Congress:

President Trump’s plan to grow our economy will work because it focuses on a middle-income tax cut for working families and an end to regulations that are stifling job creation.  We must simplify the tax code, reduce business tax rates, and make America competitive in the global economy. This administration will end the failed Obama-era policies that have held back economic growth for the last eight years, and unleash the new jobs and higher wages Americans desperately need and deserve.

What a bunch of nonsense. There is going to be no real cut in taxes given Trump's budget and revenue projections. There might be a shift in taxes from one form to another, perhaps a border tax, but that is all.

And Trump plans to replace Obamacare not with free markets but with Trumpcare that will make sure everyone gets healthcare coverage including those with pre-existing conditions, which means taxes to pay for that are going to have to come from somewhere.

Watch your wallet.

-RW