Steve Mnuchin, U.S. Treasury Secretary, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. - Reuters
BEVERLY HILLS: U.S. Treasury Secretary Steven Mnuchin said on Monday that economic growth of three percent is achievable in the next two years as the Trump administration sets out to dramatically cut taxes.
Speaking at the Milken Institute Global Conference in Beverly Hills, California, almost a week after he helped unveil plans to cut taxes for many people and corporations to 15 percent, Mnuchin said tax reform and regulatory relief will help spur economic growth.
Mnuchin's comments also come days after government data showed tepid economic growth of 0.7 percent for the last three months.
"The tax plan is our version of a jobs bill," Mnuchin said in an onstage interview with journalist Maria Bartoromo.
Although the stock market has reacted positively to Trump's election - with the S&P 500 index up 11 percent since November - critics of the tax plan have said it is ambitious and lacks details.
In a light-hearted moment, Mnuchin quipped that many at the conference had him to thank for the surge in bank stocks that have helped lift their portfolios, bringing laughter from the audience.
But with few fresh details about Trump's plans and an uncertain time frame, some at the conference expressed concern that the generally optimistic atmosphere might begin to fade.
"I'm concerned that if we don't see tax or healthcare reform by the end of the year, markets will start to doubt the administration's ability to deliver it," said Scott Minerd, global chief investment officer at Guggenheim Partners.
Mnuchin said he has been working with congressional leaders to push tax reform and he hopes for bi-partisan support. The Trump administration has invited many business leaders into the White House and is listening closely to their concerns and hopes on tax changes, he added. - Reuters
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