Neil Cavuto rips Mnuchin, GOP tax plan: It's unraveling before our eyes

Tax Reform FOXBusiness

GOP tax reform plan beginning to unravel: FBN's Cavuto

FBN's Neil Cavuto reacts to Treasury Secretary Steven Mnuchin's comments on the Republicans' tax cut push, and suggests that the plan may be beginning to unravel.

FOX Business host Neil Cavuto called U.S. Treasury Secretary Steven Mnuchin a “horrible marketer” for the GOP tax plan during his monologue on “Cavuto: Coast to Coast” on Thursday.

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“His tone, just disastrous—a horrible marketer for this horrific plan that’s unraveling… It’s beyond a joke… beyond incomprehensible how they are taking what is an easy run to the end zone and turning it into an interception. I cannot fathom it, but it’s all sort of unraveling right before our eyes,” Cavuto said while discussing the treasury secretary’s interview with Maria Bartiromo at the Economic Club of New York.

Here’s the full speech from the show:

For my money it was [Mnuchin’s] generally dismissive tone about people who are going to be paying more in taxes—just deal with it. That was essentially what he was saying to Maria and never addressing the fact that so many of the tax cuts built into this are going to people who don’t pay taxes.

Now, we are not minimizing what they do pay—payroll taxes and the like—but when it comes to income tax relief, the folks who are paying a big part of the bill are not really getting any benefit from this bill, despite what you hear. And saying that to that crowd at the Economic Club in New York, already wincing it, losing some very big deductions their way, by the way, that rope in a lot of middle class taxpayers as well.

I think people are stepping back from this and concluding, you know, we’ve got some problems here and we are on top of this for the next two hours folks because whether you are on the left or the right, Democrat or Republican here, there do seem to be significant differences between a House plan that’s out and a Senate plan that is coming out later today. A Senate plan that will keep in place, we are told, a lot of the key over themes that you hear from the House in trying to make sure that we get some tax relief. But it might be delayed, it might come in phases. And when it comes to that corporate relief it might not come next year at all. That’s sort of like a Debbie Downer for folks but I’ve got to tell you, I think the overall tone relayed by the treasury secretary with Maria, said much, much more.

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It said that this complaining and whining, if you will, on the part of those who don’t like what they see, and particularly high-income groups who don’t feel appreciated, that he had little tolerance for that. Now you may be in that crowd as well and just say yeah they are whining a lot. But I am telling you this is beginning to unravel on a couple of key areas. Not the least of which is people crunching the numbers.

This is all about what you net my friends. It’s all about whether people can look forward to getting more net paycheck relief. In other words, whatever their take home pay is now, they would ideally like to see having more take home pay roughly a year from now. Some are going to get that, not all. In fact, now we are getting growing indications, maybe not nearly as many as you think.

I think when that sinks into a lot of people, whether you are for or against this, they are going to say this is not really tax reform. In fact this isn’t really that big a tax cut. This is increasingly looking like a big disappointment. Now again, that could be an extreme interpretation.

But I’m telling you, the markets aren’t down 181 points right now on talks that a tax cut is going to be delayed for companies—that was well baked into the cake—and well rumored and telegraphed 24 hours ago when we heard it was being kicked around. No, no, no my friends, I think what’s going on here is a dismissive attitude and a disconnect between both ends of Pennsylvania Avenue and now between the House and the Senate.

Bottom line: They don’t know. They’re not in sync. They’re nowhere close.

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