Posts Tagged ‘steve mnuchin’

Steve Mnuchin: No Upper Class Tax Cut

Posted by admin on Thursday, June 1, 2017

Steve Mnuchin Money Quote saying as Treasury Secretary nominee in January of 2017, that the rich would not receive a tax cut, which was then called the ‘Mnuchin Rule‘ on taxes. Steve Mnuchin said:
 
Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class.  There will be a big tax cut for the middle class Quote
 

“Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class. There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it” — Steve Mnuchin

 

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In this quote, former Treasury Secretary Steve Mnuchin is addressing concerns that the Republican tax plan in 2017 would disproportionately benefit the wealthy. He claims that while upper-income taxpayers may see some reductions, these will be offset by limiting certain deductions so the net result is not an “absolute tax cut” for that group.

However, Mnuchin says there will be a “big tax cut” for middle-income earners. His intention seems to be reassuring those worried the plan favors the rich, by arguing the upper class will not see true tax savings due to closed loopholes, while middle-class Americans will owe less.

However, the quote has been criticized by some as misleading given analyses showing the wealthy did see substantial benefits from the tax legislation overall.

Steve Mnuchin: Bank Stock Thank Me

Posted by admin on Monday, May 1, 2017

Steve Mnuchin Money Quote saying as the new Secretary of the Treasury that his influence on Trump policies helped the markets and bank stocks in particular. Steven Mnuchin said:
 
You should all thank me for your bank stocks doing better Quote
 

“You should all thank me for your bank stocks doing better” — Steve Mnuchin

 

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In this quote, Steve Mnuchin, who was serving as Treasury Secretary at the time, made a boastful and self-congratulatory remark about rising bank stock prices. By stating “You should all thank me for your bank stocks doing better”, Mnuchin took credit for the financial performance of bank shares as if it was primarily due to his own actions and leadership as Treasury Secretary.

The interpretation is that Mnuchin made an arrogant and self-aggrandizing claim that exaggerated his role in bank stocksgains. His comment conveys an inflated sense of self-importance for outcomes largely resulting from broader economic trends and investor behavior that the Treasury Secretary had limited direct control over.

Overall, Mnuchin’s statement suggests taking an undue victory lap and portraying bank stock movements as a personal referendum on his performance, rather than properly acknowledging their complex drivers and his more limited role. His boastful tone and individualistic framing of systemic financial fluctuations as a referendum on himself alone come across as immodest and an overreach according to this perspective.

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