U.S. Treasury Secretary Steven Mnuchin told FOX Business’ Trish Regan that the GOP’s tax reform efforts are still on track to be completed by December amid some discrepancies between the two plans proposed by the House Ways and Means Committee and the Senate Finance Committee.
“We are on track to getting something to the president to sign in December,” Mnuchin said during an exclusive interview on FOX Business’ “The Intelligence Report.” “There are some minor differences between the bills, but we are very pleased with the process and how it’s moving forward.”
Senate Republicans unveiled their tax proposal Thursday. It includes seven tax brackets and differs from the House’s tax plan on individual rates and its decision to phase in a corporate rate cut.
“Both the House and the Senate have the same exact objective, which is to get middle income tax cuts,” Mnuchin said. “That’s what this is all about. So, we’ll reconcile the differences. As I said, I am very comfortable that we have the same objectives.”
Mnuchin added that middle-income tax cuts and reducing the corporate tax rate will generate economic growth.
“If we have a competitive business tax system, our companies can compete with anybody in the world. And right now, we have one arm tied behind their backs with the highest rates anywhere,” he said.