Treasury’s Mnuchin: Faster Growth Will Offset Cost of Trump Tax Overhaul

The Trump administration’s tax proposal may inflict a short-term hit to revenue but will cover the gap by boosting economic growth over the next decade, Treasury Secretary Steven Mnuchin said.

U.S. President Donald Trump has promised “massive” tax cuts for corporations and individuals in a bid to stimulate the economy in what administration officials say will be the biggest overhaul since the 1980s. To finance the plan, Mnuchin is counting on the compounding effect of economic growth over the next decade, though the prospect of a revenue shortfall in the near term may prove thorny for some lawmakers.

“The difference of a little over 1 percent of GDP over a 10-year period of time can generate as much as $2 trillion of revenue in the U.S.,” he said at an event Saturday in Washington when IMF Managing Director Christine Lagarde asked if he was looking at cost-neutral options. “There’s no

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