Published: Fri, February 24, 2017
Markets | By Lucia Cruz

US Treasury to Present Tax Reform Package by August


As for tax reform, which has been perhaps the most anticipated part of potential reforms from the Trump administration, Mnuchin said he hopes to have a tax reform plan passed by Congress' August recess.

During the campaign, candidate Trump had set a goal of achieving growth, as measured by the gross domestic product, of 4 percent or better.

"There's an incredible amount of liquidity out there and we want to make sure banks put it to work", he added. GOP lawmakers in the Senate have expressed opposition to a House proposal to replace the current 35 percent tax on corporate profits with a border adjustment tax.

"The court decision will force Mnuchin to show just how high a priority housing-finance reform is for the Trump administration", Brandon Barford, a partner at Beacon Policy Advisors, a Washington-based policy research firm, and former staff member for the Senate Banking Committee, told Bloomberg.

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Mnuchin said Thursday that the administration was looking at the House plan "very closely".

"What I've said is, you can't leave these entities in the exact state that they are, under government control for the next four years", he said. The International Monetary Fund last month projected growth of 1.9 percent this year and two percent in 2018, but said the outlook could change based on the tax and spending policies being discussed. "We think it's absolutely critical to getting to economic growth".

"We have a process within Treasury where we go through and look at currency manipulation across the board. We're running a lot of numbers and we're taking into account a lot of issues", he said. Mnuchin said the administration is "primarily focused on a middle income tax cut and a simplification for business".

Like several other members of Trump's team, he is a former Goldman Sachs banker and will serve as the president's point man on tax reform, financial deregulation and economic diplomacy efforts. Mnuchin said the high rate "is some of the reason companies are leaving and cash is sitting offshore".

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