Kamala Harris is now reportedly nominating SEC Chair Gary Gensler as US Treasury Secretary, according to several sources.
There’s buzz in Washington that Gary Gensler, the current SEC Chairman, could be tapped as Treasury Secretary if Vice President Kamala Harris wins the upcoming election.
While Gensler hasn’t publicly hinted at leaving his post, sources within the Senate have confirmed this possibility to the Washington Reporter.
Leading Republicans have also echoed this sentiment, with Representative Tom Emmer (R-Minn.) expressing concerns about the potential nomination.
Emmer criticizes Gensler’s performance as SEC Chairman, arguing that his “lawsuit-heavy approach” has been ineffective and that it’s time for him to step down.
If Harris wins the presidency, Republican Senate staff are prepared to mount a united opposition against Gensler’s nomination.
Despite Republican opposition, Gensler is likely to receive strong support from Democratic lawmakers.
Two key figures, Representatives Elissa Slotkin (D-Mich.) and Ruben Gallego (D-Ariz.), who have received significant backing from the pro-cryptocurrency group Fairshake PAC, could play a crucial role in the confirmation process.
Both Slotkin and Gallego have a history of opposing cryptocurrency in Congress, making their stance on Gensler’s nomination uncertain.
Neither has responded to requests for comment on the matter.
On the other hand, Trump has vowed to fire Gary Gensler if elected as President.
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Also Read: Donald Trump Now Plans To End Social Security Taxes For Retirees
Other Political News Today
Trump now wants to eliminate income tax, saving people money after, announcing a new strategy to institute a policy on tariffs.
This policy on tariffs would lead to the elimination of the federal income tax, per Yahoo Finance.
Tariffs allow the United States to increase the cost of foreign-made products, particularly those that come from countries that have significantly lower labor and materials costs, or those who allow unfair trade practices.
The effect of a tariff is to level the playing field for domestic companies who keep jobs local and are subject to the labor laws of the United States.
Tariffs are paid to the U.S. government before foreign goods can be brought into the country.
“The additional cost incurred by the foreign manufacturer would then be passed on to the consumer in the form of a higher retail price,” reports Yahoo Finance.
“During Trump’s presidential term, he used tariffs to increase the cost of goods made in China, so that American goods could be priced more competitively.”
The impact of raising costs on tariffs again would mean that prices would rise on all imported goods.
However, Americans would keep more of their hard-earned money if Trump is able to eliminate federal taxes on income.
Less taxes equals more purchasing power, which creates a healthy circulation in our economy.
The increasing odds of a recession in the United States is primarily due to rising layoffs, an increase in bankruptcies, and a decrease in purchasing power.
What are your thoughts on Trump proposing to eliminate income taxes?
Leave your thoughts and opinions below.
Also Read: Donald Trump Now Plans To End Social Security Taxes For Retirees
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