White House 'super focused' on tax reform, says Mnuchin

Treasury Secretary Steven Mnuchin speaks at the White House in Washington. Congressional Republicans are scrambling to come up with a budget deal to clear the way for the first tax overhaul in three decades

Treasury Secretary Steven Mnuchin speaks at the White House in Washington. Congressional Republicans are scrambling to come up with a budget deal to clear the way for the first tax overhaul in three decades

Trump may seek more disaster aid Bipartisan bill would force Treasury to put Tubman on bill Judd Gregg: The complex path to tax simplification MORE on Tuesday said that President Trump's goal of lowering the corporate tax rate to 15 percent may not be achievable.

"I don't know if we'll be able to achieve that given the budget issues".

House Speaker Paul Ryan, who insisted on a revenue-neutral approach on tax reform, said last week that Trump's goal of lowering the corporate tax rate to 15 percent would be hard to achieve.

Mnuchin said that Republicans plan to eliminate the state and local tax deduction, so there won't be a tax cut for people in high-tax states such as NY and California. "Passing tax reform, which hasn't been done in 31 years, that's a win".

Reports from inside the Oval Office also indicated that the Republicans would be willing to use the process of reconciliation, wherein a simple majority vote in both the House and the Senate would be sufficient to allow for expedited passage of certain budgetary legislation, if the tax reform bill was unable to garner the 60 votes it required to be ratified. The Trump administration has made completing a package of tax cuts a top priority, but the task is expected to be complicated by Democratic resistance and a divided Republican party.

He said the Trump administration will release a more detailed tax reform plan by the end of September. Such Wall Street financiers pay as little as 15 percent on their profits under the "carried interest loophole".

The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details.

"This is the most important issue for the American economy", Mnuchin, a former Goldman Sachs partner, said.

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