Treasury Secretary Steven Mnuchin predicted Tuesday that “massive tax reform” that includes both cuts and changes to the system will get finished this year.
In an interview with CNBC, Mnuchin said the issue is his “No. 1 focus.”
The Trump administration had been hoping to get the issue resolved before the August break. Mnuchin did not present that aggressive of a timetable, but said he is confident that the administration and Congress can get reform accomplished.
“We’re 100 percent committed to getting it done this year. It’s critical to the economy,” he said on
“Squawk Box.” “We have a unique opportunity to do this. It’s been 30 years. We have to fix the system and our teams are meeting daily.”
“We couldn’t be more focused on getting this done,” he added.
President Donald Trump has been pushing a three-pronged economic agenda: tax reform, regulatory rollbacks and infrastructure spending.
However, the initiatives have gotten held up amid disputes within the Republican Party as well as against the Democratic opposition, and as the administration has had to field congressional inquiries into the Trump campaign’s ties with Russia.
Mnuchin said he’s confident that tax reform will continue to make it through even against the roadblocks. He envisions a reform program that includes widespread changes that will include a territorial system that gives companies a break for bringing back revenue earned overseas.
“The focus is lower rates. What comes with that is reform, which is broadening the base, making sure that we…