Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

"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.

"I am concerned about the global financial system and keeping it safe", he said.

"If you earn money that's clearly income, if you're an accountant firm and that's clearly income, you'll be taxed at income rates-you won't be taxed at pass-through rates", Mnuchin said.

"The relationships with the president are there", Mnuchin said.

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Carried interest is the compensation, on. 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 is defending President Trump's Republican bonafides, which have been questioned after the president struck a fiscal deal with Democrats in Congress.

The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details. White House legislative director Marc Short says its principles for the tax overhaul will be released "in a matter of days, not weeks". Reconciliation can be used if tax reform legislation can't get the required 60 Senate votes, he said. Mnuchin said the administration was considering backdating tax reform to the start of 2017 and that this could deliver "a big boon" to the economy. "Passing tax reform, which hasn't been done in 31 years, that's a win", the Treasury chief said Tuesday, adding that stock markets have a "built-in" expectation of success.

On Tuesday, Mnuchin insisted that a tax overhaul would happen this year. The major hurdle is how to fund the cut. "The president wants to increase military spending and that's something he is going to demand for December".

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