Treasury Secretary Steven Mnuchin Sets New Goal for Tax Overhaul
Earlier this year, Treasury Secretary Steven Mnuchin set August as a tentative deadline for tax reform. After slowed healthcare reform and other political setbacks, Secretary Mnuchin has adjusted his earlier deadline and now projects tax reform will take place by the end of 2017.
“I’m very hopeful, and I think we can get this done by the end of the year, but we will continue to revisit it,” Secretary Mnuchin told reporters last Friday. Secretary Mnuchin is collaborating with National Economic Council Director Gary Cohn and other congressional leaders on a plan to reduce tax rates and stimulate the economy. Cohn is also confident that a tax bill will be ready for review before the end of the year.
After other stalled reform efforts and deep bipartisan divides, Secretary Mnuchin is emphasizing the importance of a unified tax plan. His objective is to structure a tax plan with equal input from the White House, the House and the Senate. He said in a statement, “we think it’s very important for both committees to have the ability to debate and review it.”
Also on Secretary Mnuchin’s “To-Do” list is raising the debt ceiling. The treasury secretary quelled speculation that the GOP and the president have different plans when he announced, “we’re all the same page that the government will pay its debts and the debt ceiling will be raised.”
Sources: CBS News, MarketWatch