Mnuchin: “Biggest tax cut in US history”

US Treasury Secretary Steve Mnuchin has been speaking on CNBC in the past hour and made some interesting comments on the eagerly anticipated tax reform. The announcement itself is due out around 6:30 UK time. The following quotes are of particular interest:

  • Business taxes to be cut to 15%
  • Tax reform is a major priority for the administration
  • This will be the biggest tax cut in US history
  • People who can’t afford it won’t be paying taxes
  • Hope Democrats won’t stand in the way of this tax reform
  • Goal is to make tax plan permanent

 House speaker Ryan is also on the newswires stating that Trump’s tax plan is 80% in agreement with the proposal he put forward and that he has seen a preview of the tax plan and he likes it a lot. 

USDJPY (+0.41%) has popped to its highest level of the day following the news and US stocks look set to open near yesterday’s highs.