Tags: Trump Administration | Trump Tax Reform | steven mnuchin | treasury | secretary | december

Mnuchin: No Artificial Deadline on Tax Reform Plan

(Fox News' "Special Report")

By    |   Tuesday, 17 Oct 2017 10:50 PM

Passing a tax reform plan before the end of the year would be "extraordinary," Treasury Secretary Steven Mnuchin said Tuesday on Fox News.

"It took Ronald Reagan over two years on a bipartisan basis to get tax reform done," Mnuchin told Bret Baier. "If we get it done tax reform done this year, it will be extraordinary."

"That's our objective. Our objective is to get it on the president's desk by December to get him to sign it this year," he added. "We're going to work on this as fast we can, but there's no artificial deadline. It's about getting it passed. This is a pass/fail exercise, and we've got to get it done to create economic growth and create a competitive business system."

Senate Republican leaders rallied Tuesday behind a budget resolution which needs to pass later this week in order for Congress to be able to work on tax reform. Sen. John McCain,  R-Ariz., previously a key holdout on the resolution, said he would back it now, likely assuring the proposal's passage.

President Donald Trump is proposing major tax cuts for the middle class and corporations.

"We have one of the highest corporate tax rates in the world," Mnuchin said. "We tax on world-wide income. We have a concept of deferral to leave the money offshore, you don't pay taxes. Trillions of dollars are sitting offshore."

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Passing a tax reform plan before the end of the year would be "extraordinary," Treasury Secretary Steven Mnuchin said Tuesday on Fox News.
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Tuesday, 17 Oct 2017 10:50 PM
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