Trump's tax cut aim doubtful: USA treasury secretary

Kristopher Drake
September 13, 2017

The possibility of backdating any tax cuts is a sign that President Donald Trump's plans might face additional delays.

"I'm hopeful that they'll get a slight decrease in federal government [taxes] which will offset what they will lose on the state deductions", Mnuchin said of taxpayers who benefit from state deductions.

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

"I'm hopeful in these states that taxes don't go up", Mnuchin said.

Trump vowed to reduce the corporate tax to 15 percent to attract more companies to do business in the United States.

"These relationships are very important and the relationships with the president are there", he said. Trump may seek more disaster aid Bipartisan bill would force Treasury to put Tubman on bill Judd Gregg: The complex path to tax simplification MORE is defending President Trump's Republican bonafides, which have been questioned after the president struck a fiscal deal with Democrats in Congress. However, Republican leaders have yet to unveil details of what Trump has called a "massive" tax regime change, including such basic matters as where to set the corporate tax rate and how to set up individual tax brackets.

While Trump is committed to a permanent tax overhaul, Mnuchin has at times appeared to be managing down those expectations.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year. That's one of his main priorities, particularly in the mix of what's going on in North Korea and other areas.

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