Trump's tax cut aim doubtful: U.S. treasury secretary

Jerome Frank
September 13, 2017

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.

"Ideally, he'd like to get it down to 15 percent".

U.S. Treasury Secretary Steven Mnuchin on Tuesday called a security breach at credit reporting agency Equifax "quite unfortunate" and insisted that his top priority is to make sure financial data is safe.

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

Trump has yet to sketch out a tax plan with specific changes to rates, income levels or the treatment of business earnings that double as personal income.

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"I'm hopeful in these states that taxes don't go up", Mnuchin said.

Democrats have also been deeply skeptical of the Trump administration's plans to repeal the estate tax, which it has said has been harmful to family farmers.

While the president is eager for a bipartisan tax deal-and his tax tour will visit states where Democrats hold Senate seats-Mnuchin said that if needed the administration will encourage Republicans to use the reconciliation process to get to 60 votes.

Trump broke with Republican leaders last week when he agreed with Democrats to lift the debt ceiling, fund the government for three months and approve $15 billion in disaster aid for victims of Hurricane Harvey.

In an interview with CNBC, Mnuchin also said the administration would "absolutely" consider making the tax cuts effective back to the start of this year if a measure didn't pass until 2018. "The president wants to increase military spending and that's something he is going to demand for December".

Other reports by Guamnewswatch

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