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Mnuchin: Trump Isn't Cutting Medicare, Social Security

Mnuchin: Trump Isn't Cutting Medicare, Social Security

He said it will focus instead on tax cuts and regulatory reform to bolster economic growth and pay down the debt, a major Trump campaign promise.

Mnuchin told the news outlet that the 45th president will deliver a policy speech to a joint session of Congress on Tuesday to outline his first budget proposal. The United States mainly taxes corporate income.

Mnuchin said Trump was looking at a "reciprocal tax" that would help create more parity with other countries. "So don't expect to see that as part of this budget, OK", Mnuchin said.

Rep. Mark Meadows (R-S.C.), a Trump ally and chairman of the conservative House Freedom Caucus, also said Trump would consider reforms that could limit payments for future Social Security and Medicare recipients without touching current benefits.




"We need some more time to get tax reform done", Mnuchin said. The U.S. economy previous year grew by 1.6 percent, and the White House has said that its policies can bring annual economic growth to 4 percent.

By reforming the tax code, the administration believes companies will bring back "trillions of dollars" sitting offshore and "redeploy" the money in the US, according to Mnuchin.

One proposal, a border-adjustment tax, would increase levies on imports to the U.S. Critics have said the higher import costs would be passed on to consumers in the form of higher prices, potentially stoking inflation. "It's just a lot harder to cross than we thought", added another potential migrant, Vicente Vargas, 15, who turned back with a group of other teenagers after considering the crossing. The Treasury secretary explained that while the president is a proponent of free trade, he also believes in fair trade.

The thinning traffic over the border is not even entirely Trump's doing; multiple presidential administrations have improved security, from fencing to hiring more guards. "It's going to be really fast", said Mnuchin.

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