U.S. Treasury Secretary Steven Mnuchin is hoping for "very significant" tax reform before Congress takes a recess at the end of the summer.
"We’ve been working closely with the leadership in the House and the Senate and we’re looking at a combined plan," Mnuchin told CNBC.
Acknowledging that the timeline for the tax reform plan is aggressive, Mnuchin told Fox Business Network that it would use "dynamic scoring" to boost economic growth.
"Tax reform is our number one objective," Mnuchin told Fox Business Network's Maria Bartiromo. "We think it’s absolutely critical to getting to economic growth. There’s trillions of dollars offshore that will come back and this will create jobs [and] this will create investment and we need to make sure our U.S. businesses are competitive."
Mnuchin said the plan aims to boost economic growth from 1.6 percent in 2016 to above 3 percent by late 2018, according to Reuters.
Mnuchin didn't say when the plan would be unveiled, but President Donald Trump has promised to announce a plan to cut business taxes by early March, Reuters reported.
A House Republican plan calling for a 20 percent tax on imports to offset lower business taxes has drawn criticism from some Republican Senators, Reuters said.
Mnuchin said the administration is “primarily focused on a middle-income tax cut and a simplification for business,” according to CNBC.
"And what we are focused is that on the high end, if there are tax cuts, that they are offset with reduction of deductions and other things," he said. "So it’s something we’re going to carefully look at."
Congress is expected to begin work on tax reform after legislation is introduced to at least partially repeal the Affordable Care Act, CNBC noted.
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