Mnuchin: We have a ‘very detailed’ tax plan ready that should be passed this year

Treasury Secretary Steven Mnuchin said the administration has a “very detailed” tax plan ready and “couldn’t be more excited” about its prospects.

Mnuchin made the remarks Thursday to CNBC as the White House is looking to get its economic plan back on track after months of having to focus on other issues.

He said the plan has been presented to members of Congress and will be released to the public by the end of September.

“The House and the Senate are now socializing the plan with their members,” Mnuchin said in a live interview. “We’re going to release a blueprint, it’s going to go to committee and we’re going to turn this into a bill that the president will sign.”

“It’s going to go through aprocess and we expect the House and the Senate will get this to the president to sign this year, and we couldn’t be more excited about the progress we’ve made,” he added.

Source: CNBC

In a speech Wednesday in Missouri, President Donald Trump stressed the need for tax cuts to make the U.S. more competitive globally. The administration’s plans thus far have been short on details, but they generally seek to lower the corporate tax rate from the highest in the world at 35 percent to as low as 15 percent.

Mnuchin said the 15 percent rate is ideal but did not commit to that level.

“Wherever we end up, the objective is to get a competitive business rate,” he said.

In addition, Trump is seeking to give companies tax breaks for bringing cash stored overseas back home.

Mnucin said repatriation also is a major goal of the plan.

“What’s most important is that we end up with a competitive rate and we end up with a territorial system,” he said. “That’s what we’ve heard from literally hundreds and hundreds of businesses,” he said.

Trump’s goal of 3 percent growth is predicated at least somewhat on tax reform as well as regulatory rollbacks. Recent numbers have tilted in the administration’s favor, with second-quarter GDP growth revised up to 3 percent.

Mnuchin said the difference between the trend growth of around 2 percent and Trump’s aspirations for 3 percent is “trillions of dollars.”

This is a breaking news story. Check back here for updates.

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