Treasury's Mnuchin concerned about alternate scoring models of Trump tax planWASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin told lawmakers on Thursday that he has some doubts that what are known as alternate scoring models will give enough credit to the potential for economic growth when assessing the impact of the Trump administration’s tax plan. In late April, the administration put out a one-page overview of its tax reform plans, which would cut taxes for  businesses to 15 percent, as well as cutting taxes and simplifying income tax brackets for individuals. Critics questioned how the tax cuts would be offset without driving up the federal deficit. “What I have said repeatedly is that any plan we put forward we believe should be paid for with economic growth,” Mnuchin told the Senate Banking Committee. “I am concerned as to whether some of the models will attribute enough growth in dynamic scoring but when we present the details we will present how we think it should be paid for.” Mnuchin has said the April plan was deliberately vague in order to allow the White House to more effectively work with lawmakers to come up with a joint agreement that could pass Congress. How to pay for the tax cuts remains a sticking point. Fiscal conservatives in the Republican-controlled Congress would strongly prefer a revenue-neutral plan as they are against increasing deficits. Mnuchin has said the cuts would pay for themselves under a dynamic scoring model analysis, which takes into account the effect of tax changes on economic growth and revenue. At Thursday’s hearing, Mnuchin was also peppered by Democrats on the committee about details of the tax plan, including whether or not cuts would mostly benefit the wealthy. “I can assure you the president’s objective and my objective is we create a middle income tax cut and we do not raise taxes on the middle income, if anything the opposite,” Mnuchin said. He added that the plan would get rid of almost every single tax deduction, which he said were disproportionately used by the wealthy and that the aim was that 95 percent of Americans would no longer need to itemize deductions. Later on Thursday at a U.S. Chamber of Commerce event, the Treasury secretary insisted that tax reforms remain on track despite growing doubts among investors on the size and scope of any cuts achievable in Congress. A renewed push on a repeal of Obamacare is currently being worked on in the Senate while reports that President Donald Trump may have tried to interfere with a federal investigation has shifted focus away from the congressional agenda. “I am still very hopeful that we’ll get tax reform done this year,” Mnuchin said.politicsNews
treasury mnuchin concerned alternate scoring models trump tax planwashington reuters treasury secretary steven mnuchin told lawmakers thursday doubts known alternate scoring models give enough credit potential economic growth assessing impact trump administration tax plan in late april administration put overview tax reform plans would cut taxes businesses percent well cutting taxes simplifying income tax brackets individuals critics questioned tax cuts would offset without driving federal deficit what i said repeatedly plan put forward believe paid economic growth mnuchin told senate banking committee i concerned whether models attribute enough growth dynamic scoring present details present think paid mnuchin said april plan deliberately vague order allow white house effectively work lawmakers come joint agreement could pass congress how pay tax cuts remains sticking point fiscal conservatives congress would strongly prefer plan increasing deficits mnuchin said cuts would pay dynamic scoring model analysis takes account effect tax changes economic growth revenue at thursday hearing mnuchin also pepper democrats committee details tax plan including whether cuts would mostly benefit wealthy i assure president objective objective create middle income tax cut raise taxes middle income anything opposite mnuchin said he added plan would get rid almost every single tax deduction said disproportionately used wealthy aim percent americans would longer need itemid deductions later thursday chamber commerce event treasury secretary insisted tax reforms remain track despite growing doubts among investors size scope cuts achievable congress a renewed push repeal obamacare currently worked senate reports president donald trump may tried interfere federal investigation shifted focus away congressional agenda i still hopeful get tax reform done year mnuchin
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Treasury's Mnuchin concerned about alternate scoring models of Trump tax planWASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin told lawmakers on Thursday that he has some doubts that what are known as alternate scoring models will give enough credit to the potential for economic growth when assessing the impact of the Trump administration’s tax plan. In late April, the administration put out a one-page overview of its tax reform plans, which would cut taxes for  businesses to 15 percent, as well as cutting taxes and simplifying income tax brackets for individuals. Critics questioned how the tax cuts would be offset without driving up the federal deficit. “What I have said repeatedly is that any plan we put forward we believe should be paid for with economic growth,” Mnuchin told the Senate Banking Committee. “I am concerned as to whether some of the models will attribute enough growth in dynamic scoring but when we present the details we will present how we think it should be paid for.” Mnuchin has said the April plan was deliberately vague in order to allow the White House to more effectively work with lawmakers to come up with a joint agreement that could pass Congress. How to pay for the tax cuts remains a sticking point. Fiscal conservatives in the Republican-controlled Congress would strongly prefer a revenue-neutral plan as they are against increasing deficits. Mnuchin has said the cuts would pay for themselves under a dynamic scoring model analysis, which takes into account the effect of tax changes on economic growth and revenue. At Thursday’s hearing, Mnuchin was also peppered by Democrats on the committee about details of the tax plan, including whether or not cuts would mostly benefit the wealthy. “I can assure you the president’s objective and my objective is we create a middle income tax cut and we do not raise taxes on the middle income, if anything the opposite,” Mnuchin said. He added that the plan would get rid of almost every single tax deduction, which he said were disproportionately used by the wealthy and that the aim was that 95 percent of Americans would no longer need to itemize deductions. Later on Thursday at a U.S. Chamber of Commerce event, the Treasury secretary insisted that tax reforms remain on track despite growing doubts among investors on the size and scope of any cuts achievable in Congress. A renewed push on a repeal of Obamacare is currently being worked on in the Senate while reports that President Donald Trump may have tried to interfere with a federal investigation has shifted focus away from the congressional agenda. “I am still very hopeful that we’ll get tax reform done this year,” Mnuchin said.politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: treasury mnuchin concerned alternate scoring models trump tax planwashington reuters treasury secretary steven mnuchin told lawmakers thursday doubts known alternate scoring models give enough credit potential economic growth assessing impact trump administration tax plan in late april administration put overview tax reform plans would cut taxes businesses percent well cutting taxes simplifying income tax brackets individuals critics questioned tax cuts would offset without driving federal deficit what i said repeatedly plan put forward believe paid economic growth mnuchin told senate banking committee i concerned whether models attribute enough growth dynamic scoring present details present think paid mnuchin said april plan deliberately vague order allow white house effectively work lawmakers come joint agreement could pass congress how pay tax cuts remains sticking point fiscal conservatives congress would strongly prefer plan increasing deficits mnuchin said cuts would pay dynamic scoring model analysis takes account effect tax changes economic growth revenue at thursday hearing mnuchin also pepper democrats committee details tax plan including whether cuts would mostly benefit wealthy i assure president objective objective create middle income tax cut raise taxes middle income anything opposite mnuchin said he added plan would get rid almost every single tax deduction said disproportionately used wealthy aim percent americans would longer need itemid deductions later thursday chamber commerce event treasury secretary insisted tax reforms remain track despite growing doubts among investors size scope cuts achievable congress a renewed push repeal obamacare currently worked senate reports president donald trump may tried interfere federal investigation shifted focus away congressional agenda i still hopeful get tax reform done year mnuchin