Treasury Secretary Steven Mnuchin has reiterated the Trump administration’s goal of achieving comprehensive tax reform in 2017. “We’re absolutely committed to getting tax reform done this year,” he said in a July 9 televised interview. According to Mnuchin, the White House anticipates the release of its updated tax reform proposal by early September, with an aim toward enactment by the end of the year.
The White House released a one-page tax reform outline in April, which highlighted lower tax rates for individuals and businesses (TAXDAY, 2017/04/27, W.1). Top House and Senate Republicans called the provisions within the outline “critical guideposts” for tax reform. Democrats, at the time, criticized Trump’s tax reform outline for being geared toward the wealthy. House Minority Leader Nancy Pelosi, D-Calif., called the proposal a “wish list for billionaires.”
Mnuchin, however, insisted on July 9 that the forthcoming tax reform legislation will prioritize tax cuts for the middle-class, not the wealthy, as well as focus on business tax reform. Although the tax reform proposal is not yet finalized, it is expected to be revenue neutral pursuant to Senate budget rules, according to Mnuchin. “I will say this, there will be tax reform and tax cuts, and we expect that the plan will be fully paid for.”
By Jessica Jeane, Wolters Kluwer News Staff