Treasury Secretary Steven Mnuchin said Tuesday he hopes reductions in federal tax rates can cancel out the loss of state deductions under the Trump administration tax plan.
Treasury Secretary Steven Mnuchin amped up expectations of tax reform before the year is out on Tuesday morning, even bringing up the possibility of backdating changes to January 1. "I don't know if we'll be able to achieve that given the budget issues, but we're going to get this down to a very competitive level", Steven Mnuchin said, speaking at an conference hosted by CNBC.
"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said.
Verschärfter Ton - UNO verhängt neue Sanktionen gegen Nordkorea [1:56]
Das zuvor diskutierte, vollständige Ölembargo galt als umstritten, weil es die nordkoreanische Bevölkerung schwer treffen würde. Außerdem darf es kein Veto der dazu befugten ständigen Mitglieder China, Russland, Großbritannien, Frankreich und USA geben.
Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.
He did acknowledge that health care did take the priority in the first half of the year, which delayed the start of tax reform, but that the president is now wholly focused on taxes. Reconciliation can be used if tax reform legislation can't get the required 60 Senate votes, he said.
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