Treasury Secretary Mnuchin: We're committed to 'very significant' tax reform by August recess

CNBC ^ | February 23, 2017 | Jacob Pramuk

[1rudeboy]

Treasury Secretary Steven Mnuchin said Thursday that he wants to see "very significant" tax reform passed before Congress' August recess, in what could prove a tough task as lawmakers work through a complex agenda.

"We want to get this done by the August recess. We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan," he told CNBC in his first television interview since assuming office.

President Donald Trump has repeatedly made pledges for tax reform and regulatory cuts since he took office, creating optimism among business executives and investors.

So far, Trump's plan is unclear. He has promised to detail a tax plan in the coming weeks, without saying much about whether it is a version of his proposal outlined during the campaign or if it will resemble House Republicans' plan. The U.S. Senate has presented no proposal at all.

Congress is expected to introduce legislation next month to at least partially repeal the Affordable Care Act — Obamacare — before it moves on to tax reform. Mnuchin said the White House and both chambers of Congress "are all working together" on the tax plan.

The 'Mnuchin rule'

Mnuchin said the administration is "primarily focused on a middle-income tax cut and a simplification for business." Most independent analyses have estimated that Trump's tax plan will benefit wealthy people much more than the middle class, and in November Mnuchin told CNBC that he wanted "no absolute tax cut for the upper class," something Sen. Ron Wyden, D-Ore., dubbed the "Mnuchin rule."

[1rudeboy]

ping

[bioqubit]

August??? By then it will be too late for the tax reform to drive 3%+ growth and help us in the 2018 election. GOP will have to do A LOT better than that.

[Avalon Memories]

I hope it happens, but the Congress is dragging its feet on everything. It’s so infuriating that we now have both houses plus the presidency, yet still see the Congress do nothing.

[Vince Ferrer]

President Trump is quickly moving on regulatory reform as well, which is entirely the executive branch. That will also have an effect on GDP. Democrat's own childish behavior will doom them in 2018.

[Jack Hammer]

So... that means the government will stop confiscating citizens’ hard-earned funds in order to support endless gravy-train projects and favorites who vote for particular candidates...?

Oh, wait a minute. The sun will always rise in the east and set in the west.

[yefragetuwrabrumuy]

As of 2016, the federal tax code is 74608 pages long.

“Very significant” tax reform would begin by reducing that number by say, 50,000 pages. It would still be 24608 pages long, but hey, it’s a start.

[central_va]

Ok why does it take an act of congress to lower current marginal income tax rates?

[grey_whiskers]

Good luck getting through Ryan and the Lyin' RINOs in Congress, moron.

Only two cabinet picks after a month, and beset by rumours of Russian involvement, which the FBI refuses to make a statement denouncing, and the Dems salivating about "impeachment."

I expected more, not getting mired down helplessly by the tag-teaming of the Uniparty.

[Soul of the South]

“I hope it happens, but the Congress is dragging its feet on everything. It’s so infuriating that we now have both houses plus the presidency, yet still see the Congress do nothing.”

2010 Election - GOP says give us the House and we’ll use the power of the purse to block Obama and kill Obamacare.
2011 GOP has majority in House. Claims it cannot do anything because of Harry Reid controlling the Senate.

2014 Election GOP says give us the Senate with the House and we’ll block the Obama agenda and repeal Obamacare
2015 GOP has majority in the House and the Senate. Says it cannot do anything because it doesn’t have the White House

2016 Election. GOP says give us both houses of Congress and the White House and we’ll repeal Obamacare, reduce taxes, attack the deficit, roll back regulation.
2017 GOP has majority in the House and Senate + the White House. GOP cannot even get the new president’s cabinet approved much less repeal Obamacare, put together a reduced spending budget, or pass a tax reform measure.

Pathetic.

[353FMG]

Does this mean that we have to wait until August before the economy takes off and a hiring spree commences?

Phew, that’s a long wait.

[toddausauras]

I’m starting to get royally pissed at the GOP again just thinking of how sneakily they’re going to try and thwart the President.

[toddausauras]

So true every word of your post. They can pretend they want what we want but we can see it in their actions...Or inaction. They are globalist bastards all of them.

[Avalon Memories]

Pathetic.

Yes, but worse than pathetic. It's a betrayal of the American people and of their oaths of office.