White House 'super focused' on tax reform, says Mnuchin

Sep 13, 2017, 00:19
White House 'super focused' on tax reform, says Mnuchin

CNBCs Joe Kernen, Becky Quick and Andrew Ross Sorkin interview Steven Mnuchin, the 77th United States Secretary of the Treasury, at the CNBC Institutional Investor Delivering Alpha conference September 12th in NYC.

Trump campaigned on the promise of cutting the corporate tax rate to 15%, but Mr Mnuchin said that the goal would be hard to achieve.

"It was important that the president reached out to Democrats and showed he could get things done on a bipartisan basis", the Treasury secretary said.

"Our goal is to get in the mid-to-low 20s, and we think that that's an achievable goal", he said.

"The president is absolutely a Republican", said Mnuchin, pointing out that he's one as well.

"This is the most important issue for the American economy", he said. Most Democrats have said that any measures that benefit the rich are nonstarters and that they oppose tax cuts that add to the deficits. Eliminating those provisions, in general, would affect high-tax blue states like NY and California.

Mnuchin and National Economic Council Director Gary Cohn are scheduled to meet with congressional leaders later Tuesday to discuss the Republican tax cut plan.

Treasury Secretary Steven Mnuchin amped up expectations of tax reform before the year is out on Tuesday morning, even bringing up the possibility of backdating changes to January 1.

The White House and Congress were said to be working together on the drafting of reform legislation after the Republican party hit by several roadblocks en route to the passing of its proposed tax reform bill.

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