During an interview with the FOX Business Network’s Maria Bartiromo Treasury Secretary Steven Mnuchin said the administration is “focused on an aggressive timeline” to produce a tax reform plan by August.
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“Tax reform is our number one objective. We think it’s absolutely critical to getting to economic growth,” Mnuchin said. “There’s trillions of dollars offshore that will come back and this will create jobs [and] this will create investment and we need to make sure our U.S. businesses are competitive.”
Trump’s economic team is also looking at border tax issues, while also working with businesses and House Speaker Paul Ryan to create a combined plan with Congress, he said.
“When we go to pass this, we are going to have a plan that we all agree with and we are reaching out to a lot people… We are getting feedback from a lot of different areas,” he said. “We are going to make this a very competitive plan for businesses here.”
The tax plan and changes to regulatory reform will use ‘dynamic scoring’ to boost growth and revenues he said.
Mnuchin did caution that Trump’s policies will have limited impact this year but will boost growth in 2018.