Treasury Secretary: Expect Tax Overhaul by August - NBC4 Washington

Treasury Secretary: Expect Tax Overhaul by August

A middle income tax cut is the main focus of the administration, he said

    processing...

    NEWSLETTERS

    Treasury Secretary Steve Mnuchin says he would like to see "very significant" tax reform passed before Congress’ August recess, CNBC reported.

    In his first television interview since assuming office, Mnuchin told CNBC Thursday that he’s been working closely with leadership in the House and the Senate to get the ball rolling.

    Mnuchin said the administration is mostly focused on a middle income tax cut — a pledge that President Donald Trump ran his campaign on. Trump has promised to release a tax plan in the coming weeks.

    Mnuchin added that simplification for business is another focus of the administration’s, and said that he’s focused on canceling out any tax cuts for the wealthy with closed loopholes. He said the administration's tax plan should be judged by the economic growth it could create, rather than by the how much tax revenue drops.