President Donald Trump's administration has a "very detailed" tax plan prepared that Treasury Secretary Steven Mnuchin "couldn't be more excited" about.
"The House and the Senate are now socializing the plan with their members," Mnuchin told CNBC. "We're going to release a blueprint, it's going to go to committee and we're going to turn this into a bill that the president will sign."
The secretary told The Wall Street Journal Thursday that the administration plans to release the blueprint sometime in the next few weeks, but said "In no way are we just turning this over to Congress."
He added on CNBC, "It's going to go through a process and we expect the House and the Senate will get this to the president to sign this year, and we couldn't be more excited about the progress we've made."
Mnuchin also addressed Trump's plans to lower the corporate tax rate from 35 percent to 15 percent, which the secretary said would be ideal.
"Wherever we end up, the objective is to get a competitive business rate," he said, adding that the administration hopes to give tax breaks to companies that move money stored abroad back to America.
"What's most important is that we end up with a competitive rate and we end up with a territorial system," he said. "That's what we've heard from literally hundreds and hundreds of businesses," he said.
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