Obama’s latest move could boost stock prices and boost the economy
A top White House official is pushing to bolster the stock market and the economy, even as the Trump administration pushes to roll back many of the Obama-era economic policies.
Mattis is sending a memo to White House officials Thursday to outline how the president would pursue his strategy to revive the economy after months of the administration struggling with a sluggish economy and a looming budget deficit.
The memo comes amid a flurry of announcements to help boost stock values since the president’s first budget proposal was released Thursday.
The White House says it will announce more investments in infrastructure, energy and manufacturing, among other things, as part of the budget.
Matti is also expected to outline plans to make it easier for small businesses to hire and fire and to help consumers buy products online and in-store.
The latest move by the White House could boost stocks, especially after the administration’s latest budget proposal that proposed cutting tax breaks for big businesses and lowering regulations.
Matts memo says the administration would consider lowering tax rates on corporations and individuals, and would make it harder for the wealthiest to avoid paying their fair share of taxes.
It would also consider increasing the estate tax to encourage more estates to sell.
The proposal would also raise the top tax rate for individuals to 39.6% and for corporations to 35%.
Matti has also said the administration will consider expanding health savings accounts and making them available to millions of low- and middle-income Americans who otherwise would have been ineligible.
The White House also said it would give tax credits to help small businesses and entrepreneurs, but only if they hire people who can make a contribution to the economy.
The memo notes that the Trump-administration plan would create the Small Business Jobs and Entrepreneurship Center, a “hub” for new jobs created since the inauguration.