Trump's tax cut aim doubtful: United States treasury secretary

Trump's tax cut aim doubtful: United States treasury secretary

Trump's tax cut aim doubtful: United States treasury secretary

"And what's more important is making sure we have a competitive system".

Treasury Secretary Steven Mnuchin said Tuesday that he is hopeful Congress will pass a major tax overhaul this year and signaled that the administration would be open to changes sought by Congress to improve the chances for passage.

"Ideally, he'd like to get it down to 15 percent".

Backdating is something we're considering "and it would be a big boon for the economy", Mnuchin said at CNBC's Delivering Alpha conference in NY.

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If Romney were to be elected to the Senate, it could set up an interesting showdown between himself and the president. Romney remains broadly popular in Utah, and would be well-positioned to win in a reliably Republican state.

"I can't speak to the specifics", he said at the CNBC Institutional Investor Delivering Alpha Conference in NY, when asked about the matter.

Republicans across the board want to lower the corporate rate, which is now 35 percent, as part of tax reform. Mnuchin said the administration was considering backdating tax reform to the start of 2017 and that this could deliver "a big boon" to the economy. But if Republicans want to pass a tax bill through reconciliation to prevent a Democratic filibuster, the legislation can't add to the deficit outside the budget window.

"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said.

"The president has made it very clear that for hedge funds, they will not have the benefit of carried interest", Mnuchin told a roomful of hedge fund executives meeting at a hotel in Manhattan.

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