- Treasury Secretary Steven Mnuchin said the stock market will tank if the GOP tax bill is not passed during an interview on a podcast.
- Mnuchin also "absolutely guaranteed" the tax bill would be on President Trump's desk by early December.
- He also addressed the estate tax repeal, cutting taxes for the rich, and eliminating the state and local tax deduction.
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Steve Mnuchin says the stock market will tumble if Trump's tax plan doesn't pass
"But there’s no question in my mind that if we don’t get it done you’re going to see a reversal of a significant amount of these gains," said Steven Mnuchin.
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Treasury Secretary Steven Mnuchin said that the key to maintaining the strength of the stock market is the passage of President Donald Trump and GOP leaders' tax reform package.
On the Politico Money podcast with Ben White, Mnuchin said that the markets has " for a significant corporate tax cut, helping to boost stocks to the recent all-time highs.
Conversely, said Mnuchin, if the tax bill were to fail it would take out that support system for the market.
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Mnuchin added that a tax bill is not "priced in 100%" so if a bill is passed, the market will still go up some.
You can listen to the full interview via Politico here:
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