USA Today: Trump administration seeks tax cuts and jobs to boost US economy article President Donald Trump’s tax cuts are gaining momentum as he pushes through the U.S. tax overhaul, a White House official said on Monday, citing new data showing a spike in consumer spending.
The U.K. government reported a jump in spending as well as a surge in consumer borrowing.
The Treasury Department reported a drop in the price of the benchmark 10-year Treasury note.
The benchmark S&P 500 index gained 3.4% on the news.
Trump said he wants to get rid of the estate tax, which has led to an economic boon for the wealthy.
He also said he would lower the corporate tax rate from 35% to 20% and roll back some of the health care and financial regulation that Obama put in place under his presidency.
Trump, who has not formally proposed a budget proposal but has promised to unveil a plan in coming weeks, has said he is “going to tax everything.”
“The middle class is going to get crushed.
We’re going to tax the rich.
It’s the same as Ronald Reagan did in the 70s, he’s going to go down,” Trump told reporters.
The Dow Jones Industrial Average was up 12.4 points, or 0.3%, at 26,929.
The Standard & Poor’s 500 index was up 1.2%, or 0% at 2,973.
The S&P 500 is up 1,400 points, plus or minus 0.1%, at 3,085.
Housing starts fell in December to a record low as the housing market recovered but have risen sharply since.
New York and Boston are the most populous metropolitan areas in the U, and housing prices in the two cities were the highest in November, according to a Reuters survey of local real estate brokers.
Economists expect the economy to contract slightly in 2018, with annual growth slowing to 3.3%.
U.S.-bound consumer spending was up 3.5% in December.
Consumer spending is a key driver of economic growth.
The number of Americans reporting having household incomes of $75,000 or more rose to 15.3 million in December from 15.1 million in November.
That was the biggest increase since December 2014.
More: The unemployment rate rose to 7.7% from 7.6% in November and was at a 16-year low in December, the Labor Department said on Friday.
Employers reported hiring nearly 9 million new workers in December as businesses ramped up hiring.
House Speaker Paul Ryan said on Thursday that the U’s tax bill will create 5 million jobs and spur the economy with an “America first” agenda.