Trump says rich might pay more in taxes, talks with Democrats

Stabroek News - - EDITORIAL -

WASH­ING­TON, (Reuters) Pres­i­dent Don­ald Trump said yes­ter­day that taxes on rich Amer­i­cans might rise, as he pur­sues a tax code over­haul and reaches out to both Democrats and Repub­li­cans in a push to win sup­port for a plan still far from com­plete.

As Trump pre­pared to host the two top con­gres­sional Democrats at a White House din­ner, Trea­sury Sec­re­tary Steven Mnuchin told Fox News that the ad­min­is­tra­tion’s tax cuts could be paid for through eco­nomic growth.

The White House and the Repub­li­can-led Congress have not put forth a de­tailed tax plan, de­spite months of high-level talks that had un­til re­cent days ex­cluded Democrats.

House of Rep­re­sen­ta­tives Speaker Paul Ryan said an out­line of a plan would be un­veiled dur­ing the work week be­gin­ning Sept. 25, with con­gres­sional tax-writ­ing com­mit­tees craft­ing de­tailed leg­is­la­tion in the sub­se­quent weeks.

Mnuchin told Fox the ad­min­is­tra­tion would use its own eco­nomic as­sump­tions to gauge the im­pact of its tax cuts on the fed­eral bud­get deficit and the $20 tril­lion na­tional debt, a key is­sue in Wash­ing­ton’s in­ten­si­fy­ing tax de­bate.

“It will be rev­enue neu­tral un­der our growth as­sump­tions,” Mnuchin said. The ad­min­is­tra­tion be­lieves that tax cuts will lead to much faster growth than do con­gres­sional an­a­lysts or pri­vate fore­cast­ers.

“So, we can pay for th­ese tax cuts with eco­nomic growth,” he added.

As for tax­ing the rich, Trump said af­ter a meet­ing with law­mak­ers that the wealthy “will not be gain­ing at all with this plan . ... If they have to go higher, they’ll go higher, frankly.”

Fur­ther de­tails were not im­me­di­ately avail­able from the White House. SAO PAULO, (Reuters) - Brazil’s fed­eral po­lice yes­ter­day ar­rested the chief ex­ec­u­tive of JBS SA, the world’s No. 1 meat­packer, ac­cus­ing him of in­sider trad­ing ahead of a plea bar­gain he signed this year whose dis­clo­sure pum­meled the com­pany’s stock.

Wes­ley Batista, who has been at the helm of JBS since 2011, was de­tained un­der an ar­rest war­rant against him and his younger brother, Joes­ley, for sus­pected in­sider trad­ing. The bil­lion­aires, both in their mid-40s, con­trol 42 per­cent of JBS.

The Batista broth­ers’ lawyer, Pier­paolo Bot­tini, called the in­sider trad­ing al­le­ga­tions and the ar­rest of the meat­paker’s CEO “un­just, ab­surd and re­gret­table.” If con­victed, the Batis­tas may be the first peo­ple in Brazil jailed for in­sider trad­ing.

JBS shares rose 2.4 per­cent, eras­ing early losses, on op­ti­mism that Wes­ley Batista’s ar­rest will ac­cel­er­ate his ouster as chief ex­ec­u­tive.

Ravi Yer­ri­gadoo

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