Image copyright Getty Images Image caption Steven Mnuchin was sworn in as Treasury Secretary earlier this monthUS Treasury Secretary, Steven Mnuchin, has promised "very significant" tax reform before the Congressional break in August. He was confirmed as Treasury Secretary, the most senior economic role in the US administration, last week. However, vows from the new administration to reform tax and cut regulation have been broadly welcomed by investors, who expect corporate profits to be boosted by the new policies. "We are committed to pass tax reform, it will be very significant, it's going to be focused on middle income tax cuts, simplification and making the business tax competitive with the rest of the world," Mr Mnuchin told CNBC. In his first television interview, since taking office Mr Mnuchin told CNBC his priority was boosting growth.
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Mnuchin said the border tax plan was still being studied, but the tax reform plan would be negotiated with the House and Senate. This would have the effect of boosting assumed revenues from tax reform and relaxation of regulations. "We are committed to pass tax reform. Comments in his first televised interviews since taking office last week suggested that much work was still needed on key elements of the sweeping tax reform plan that he called his "No. Growth effects from tax reform and less business regulation would not likely start to take hold until next year, he added.
"We are committed to pass tax reform," Mnuchin said in an interview on CNBC. Mnuchin said that tax reform is the administration's top economic priority and the goal is to have a measure approved by the time Congress takes its August recess. Secretary of the Treasury Steven Mnuchin (Photo: Alex Wong / Getty Images)Washington — Treasury Secretary Steven Mnuchin said Thursday the administration is committed to getting major tax reform legislation through Congress by August. But if the company exports its products, the profits from those exports would not be taxed by the United states. However, foreign companies that import goods into the United States would have to pay the 20 percent tax.
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Treasury's Mnuchin says wants 'very significant' tax reform passed by August
Mnuchin said the border tax plan was still being studied, but the tax reform plan would be negotiated with the House and Senate. This would have the effect of boosting assumed revenues from tax reform and relaxation of regulations. "We are committed to pass tax reform. Comments in his first televised interviews since taking office last week suggested that much work was still needed on key elements of the sweeping tax reform plan that he called his "No. Growth effects from tax reform and less business regulation would not likely start to take hold until next year, he added.
"We are committed to pass tax reform," Mnuchin said in an interview on CNBC. Mnuchin said that tax reform is the administration's top economic priority and the goal is to have a measure approved by the time Congress takes its August recess. Secretary of the Treasury Steven Mnuchin (Photo: Alex Wong / Getty Images)Washington — Treasury Secretary Steven Mnuchin said Thursday the administration is committed to getting major tax reform legislation through Congress by August. But if the company exports its products, the profits from those exports would not be taxed by the United states. However, foreign companies that import goods into the United States would have to pay the 20 percent tax.
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collected by :John Miller