TREASURY SECRETARY STEVE MNUCHIN TELLS FOX BUSINESS NETWORK “OUR OBJECTIVE IS TO PASS TAX REFORM” AND HAVE IT “SIGNED” BY AUGUST RECESS
In an interview on FOX Business Network’s (FBN) Cavuto: Coast to Coast (weekdays 12p-2p/ET), Treasury Secretary Steve Mnuchin tells host Neil Cavuto that “our objective is to pass tax reform” and have it “signed” by August recess. Mnuchin goes on to say “that’s a very aggressive timetable that we are restricting something that the President and I are very committed to doing.”
Excerpts from the interview are below:
On when the repeal of Obamacare and a tax reform will be implemented:
MNUCHIN: “I think, that Obamacare will get done first and I think tax — we’re working very closely with the House and the Senate and coming up with a combined plan. We will be coming out with that in the near future and our objective is to pass tax reform by the August recess. And, I think, that’s a very aggressive timetable that we are restricting something that the President and I are very committed to doing…
CAVATO: “So, by August voted, done, agreed?”
MNUCHIN: “And, signed.”
On the objectives of tax reform:
“As part of tax legislation, our main objective is a middle income tax cut on the personal side and our objective is if we lower the top rates that we will offset that with reduced reductions… The objectives are very clear; middle income tax cuts, simplified taxes, make business more competitive. That’s what we want to have the plan judged on. And when we come out with the final plan, people will look at the distribution and everything else and we’ll see if it fits the objectives …When we come out with the plan, OK, there will be a tax cut on an absolute basis.”
On whether tax reform will be retroactive:
“It’s too early to tell whether [tax reform] is going to be retroactive or not. I mean, those are the types of details we’ll work through as we get to drafting.”
On whether he thinks President Trump will accomplish his goals that were mentioned in last night’s address to Congress:
“Absolutely. I think he’s committed to it. I think he’s going to deliver on it. And, I think you saw last night, the excitement in the room. One of the things you just, probably, couldn’t see on TV is feel the energy that was in that room. It was really quite extraordinary… First, let me say this was an address to the American public and, I think, it was very clear. It was about unification, it was about optimism, it was about the goals that the President wants to accomplish. And, I think, he did an unbelievable job delivering that message. And, I think, you’ve seen the reaction to that.”
On where the money will come from for the 1 trillion dollar infrastructure plan:
“It’ll be a combination of a public and private partnership. It doesn’t necessarily mean that it will be $1 trillion off of the government’s balance sheet. The president is determined and that we are going to do an infrastructure plan that’s going to be very significant. One, of the most significant we’ve ever seen and we’re going to rebuild America.”
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