Steven Mnuchin named USA treasury secretary

Donald Trump expected to name 78-year-old billionaire Wilbur Ross as Commerce Secretary Wednesday. In addition, it would be his job to sell the new administration’s economic program to Congress.

Farage says the internet means governments “simply can’t lie to us any more in the way they used to”.

In light of slim GOP majorities, McConnell also made clear he won’t recuse himself from voting for his wife, Elaine Chao, Trump’s nominee for transportation secretary. However, the Tax Foundation estimated that even with so-called “dynamic scoring”, Trump’s tax package could cost about $3 trillion over a decade. The current cap is $1 million on first and second mortgages.

Mnuchin has had a relatively low public profile – another Trump advisor and fundraiser, the fund manager Anthony Scaramucci, has been more visible discussing economy policy with the media.

Experts have warned that Trump’s tax proposals could blow a hole in an already large budget deficit.

Trump has vowed to cut corporate taxes, as a bid to encourage multinational companies to repatriate their earnings, and to scrap the 2010 Dodd-Frank financial reform legislation, which was enacted to protect consumers and the financial system from Wall Street excesses that caused the financial crisis. “Today, I felt like he stands for bring that money back, repatriate nice tax cuts for the middle class and things will work out”.

And Trump has met with Goldman Sachs President and COO Gary Cohn, a registered Democrat, but a wealthy one. He also has experience in Hollywood’s move industry, having helped bankroll films like “Batman v. Superman”.

He said his priority is enacting a swath of tax cuts outlined in the president-elect’s tax plan – a plan Mnuchin helped draft after joining the Trump campaign earlier this year. “She was also a frequent commentator on Fox News, a role that several of Mr. Trump’s other cabinet picks and candidates share, like K. T. McFarland, whom he named as his deputy national security adviser”.

“We had another discussion about affairs throughout the world and these discussions I’ve had with him have been enlightening, and interesting, and engaging”.

“The next Treasury chief’s challenges will include a budget deficit that’s forecast to widen and require increased debt issuance; an economy that’s been stuck in a period of slow growth and exacerbated income inequality; and global partners wary about the new president’s approach to trade”.

The Tax Policy Center found that under Trump’s plan, the highest earners would pay no more than a 33 percent rate on their income, down from the current top rate of 39.6 percent.

Mnuchin confirmed his selection Wednesday during a joint CNBC interview with billionaire investor Wilbur Ross Jr. Trump has repeatedly threatened to levy double-digit tariffs on goods coming from China and Mexico and pull out of existing free-trade deals. But Ross said Wednesday those measures may only be a last resort.

But his greatest source of power will be his relationship with the president, and how much Trump values his voice among the numerous economic advisors in the White House.

“It’s a present from the president”, Ross said.