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Treasury Secretary Mnuchin 'Very Focused on Cryptocurrencies'

15 January 2018

"We are very focused on cryptocurrencies", he said.

"The other concern I have is, there's a lot of speculation in this, and I want to make sure that consumers who are trading this understand the risks", Mnuchin said.

"I think this is another ridiculous charge", Mnuchin told reporters in the White House press room Thursday when asked for a response to the Democrats' charges.

But he didn't clarify whether Treasury or the IRS intends to release formal guidance on the issue or otherwise clarify their position.

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The Treasury Department released its withholding tables for the new tax laws on Thursday, which lay out how much tax employers should withhold from employee paychecks.

The major changes affecting individuals include new tax brackets, (mostly) lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as many itemized deductions.

"We think there will be over $1 trillion in growth, so I do think this will pay for itself", Mnuchin said at an event hosted by the Economic Club of Washington, dismissing estimates from the Joint Committee on Taxation that the tax cuts will increase USA deficits by $1.1 trillion to $1.5 trillion over 10 years.

"We would encourage every taxpayer to run their information through the calculator. We'll work with payroll providers; we'll work with companies, we'll do education sessions, so that taxpayers are properly withheld". Ron Wyden of OR and Rep. Richard Neal of MA, both Democrats, said in a letter to acting IRS Commissioner David Kautter.

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The Treasury Department could be under "substantial pressure" to guarantee tax cuts to households by withholding too little from paychecks, Sen.

The lawmakers, however, didn't provide direct evidence of administration meddling in withholding tables.

While being careful not to criticize anything Kautter has done, one Republican acknowledged the dual role is not ideal.

"We will hire a significant number of people to help with the implementation", he said. The IRS is supposed to be exclusively focused on executing the law, while Treasury takes a broader view, which incorporates politics and policymaking. Ron Wyden (D-Ore.) and Rep. Richard E. Neal (D-Mass.) said in a January 8 letter to U.S. Comptroller General Gene L. Dodaro. And that results in a refund when they file their tax returns. They have ordered a review by the Government Accountability Office to determine whether the new tax guidelines are accurate.

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Treasury Secretary Mnuchin 'Very Focused on Cryptocurrencies'