As Congress passes a new budget of almost $4 trillion, the President has worked on Tax Cuts with Congress. Critics of the tax cuts say that the cuts could be dangerous while an economic analyst at CNBC, Larry Ludlow, says that the President needs to pay attention to the strength of the dollar while creating tax cuts.

The president is also in the process of naming a new Federal Reserve chief. The candidate he has chosen has not yet been announced. Two candidates have been chosen. What is known is that Trump's announcement will come next week, and it will be up to Congress to approve the choice.

Trump is currently under fire for not releasing the full JFK files.

The author behind the tax cuts

The New York Times reported that there is a little-known pragmatist behind the tax cuts named Justin Muzinich. Muzinich is the aide to the current Secretary of the Treasurer Steven Mnuchin and is responsible for writing President Trump's tax plan. The goal is to get the tax cut plan, which the administration has been working on for months, passed by the end of the year.

Muzinich, 39, is new to Washington D.C. and is a former hedge fund manager and investment banker. He has been in meetings with top Republican lawmakers in the Senate. The battle will come to the House as the House of Representatives has its own bill in the works and plans to release it this week.

The Financial Times reported that Muzinich said the tax plan was on track in spite of problems with Republicans. One of the issues that Muzinich addressed was the issue of corporate taxes. The Trump Administration desires a 20 percent rate. He said there was no room for a rate any higher. Retirement plans are up for negotiation, and Republicans want to reduce the tax-free amount of money for investing in 401K plans.

Also up for negotiation is allowing taxpayers to continue to deduct their state and local taxes on their federal returns.

The critics of tax cuts

The Washington Post reported that the tax cuts were dangerous. The reason is that the tax cuts could add additional debt to an already large debt. The author said that the current debt is equal to 77 percent of the gross domestic product.

The author claimed that the tax rates are their lowest, even lower than during the Reagan Administration.

CNBC reported that Trump needs a stable dollar in addition to tax cuts. Although there are currently two candidates to fill the Federal Reserve chief's position, neither has spoken out on the current condition of the dollar. Currently, the focus is on the rate of inflation instead of the state of the dollar. Dollar policies are set by the Treasury Department, and the department must work with the Federal Reserve to set a dollar policy. Congress sets the value of the dollar. President Trump is currently advocating for a steady dollar instead of a strong dollar. Meanwhile, First Lady Melania Trump was embarrassed on Twitter for promoting Halloween.
© ALL RIGHTS RESERVED