Tags: Trump Administration | steve mnuchin | trump administration | pleased | tax bill | progress

Mnuchin: Trump Admin 'Very Pleased' With Tax Bills' Progress

(Fox Business)

By    |   Friday, 10 November 2017 04:14 PM

There are some differences between the House and Senate bills on tax reform, but the Trump administration is "very pleased" with the plan's process and how it's moving forward, Treasury Secretary Steve Mnuchin said Friday.

"I think that the good news is both the House and Senate have the same exact objective, which is to get middle income tax cuts," Mnuchin told Fox Business' Trish Regan on "The Intelligence Report." "That is what this is all about. So, we'll reconcile the differences. As I said, I'm comfortable we have the same objectives. We'll iron out differences in conference."

For income earners in higher brackets, however, there has been concern that a call to eliminate tax deductions for state and local taxes could end up costing them a great deal more through the GOP tax plan and Mnuchin admitted that on the "high-end, that is the case."

"So for people who are making a million dollars or more, that is the case," he said. "But we have been targeting middle income tax cuts for people in the states. We've been out and about working with the states on this I think, as you know fundamentally, we think it makes sense to get the federal government out of the business subsidizing the states. But these are big parts of the economy. We'll work through these issues."

Losing the deductions, though, won't affect "most people," Mnuchin continued. "But again, one of the big focuses here is corporate tax reform. Pass-throughs we'll have the lowest rate since 1930. These have huge impact on the economy. We have automatic expensing for the first time in five years. These things will kick-start the economy and bring jobs back to America. I think, as you know, moving to a territorial system will bring trillions of dollars back here to be invested."

The personal and corporate sides of the pending tax legislation are both important, Mnuchin continued.

"People deserve money back in their pockets," said Mnuchin, adding that if there is a competitive business tax system, "U.S. companies can compete with anybody in the world."

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There are some differences between the House and Senate bills on tax reform, but the Trump administration is "very pleased" with the plan's process and how it's moving forward, Treasury Secretary Steve Mnuchin said Friday.
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Friday, 10 November 2017 04:14 PM
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