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

Posted September 13, 2017

Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important.

"We could have done a one-year deal, this wasn't widely reported, on the debt ceiling", Mnuchin said Tuesday.

"The president reached out to Democrats and showed that he could get things done on a bipartisan basis", Mnuchin said while addressing critics at the Delivering Alpha conference presented by CNBC and Institutional Investor magazine. "But we're going to get this down to a very competitive level", Mnuchin said.

Tax reform was a key campaign point in Trump's presidential bid, where he promised to cut personal income taxes, slash corporate rates and offer a one-time repatriation tax in an effort to sway companies into returning cash parked overseas back to the US. "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.

Democratic leaders including Mr. Schumer and Senator Ron Wyden of OR, the ranking Democrat on the Senate Finance Committee, are set to unveil a report on Tuesday finding that eliminating with the estate tax would mostly benefit the wealthiest Americans. But other firms-"entities that do create jobs", Mnuchin said-may still qualify. 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.

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