(ZeroHedge) First it was the Fed with constant jawboning that the next Fed rate cut is “just around the corner.” Then it was OPEC, applying the same “spook the headline-scanning algos” strategy, arguably following Goldman’s advice, repeating relentlessly that a production cut was imminent. Now, it is may be the White House’s turn.
With concerns growing (but not too much based on the where the S&P is trading) rising about the lack of clarity of any of Trump’s economic policies, but most of all his tax plan, a White House official told Bloomberg that President Trump’s “phenomenal” tax plan is real, and that a concrete proposal – headed by Trump’s chief economic adviser, former Goldman president Gary Cohn – will be issued in the “next few weeks.”
Bloomberg adds, citing the unnamed official, that congressional leaders have been consulted on the blueprint which is separate from Trump’s proposed budget.
Trump first mentioned the plan on Thursday in a meeting with airline executives, calling it “phenomenal” and saying it would be revealed in two to three weeks. White House Press Secretary Sean Spicer told reporters later that day that specifics would emerge only in the coming weeks. Still, he said the White House is at work on an outline of the most comprehensive business and individual tax overhaul since 1986.
Cohn said last week that he has been meeting with members of Congress and working on two key goals: cutting corporate income taxes and individual income taxes. He emphasized during a Feb. 3 interview with Fox Business News that he has been focused on tax cuts for low earners. “We’re not spending a lot of time with the high earners,” Cohn said during that interview….