Mnuchin: White House tax plan coming 'very soon'

Mnuchin: White House tax plan coming 'very soon'
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Treasury Secretary Steven Mnuchin said Thursday that the White House will release a tax-reform plan "very soon."

At an event hosted by the Institute of International Finance, Mnuchin said that he hopes tax reform "won't take until the end of the year."

Mnuchin's comments, though, come after he told the Financial Times in an interview Monday that enacting tax-reform legislation by August is “highly aggressive to not realistic." 

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One reason why the timeline for tax reform has been slipping is because of there have been challenges with repealing and replacing ObamaCare. The White House and congressional Republicans have sought to tackle healthcare before tax reform because it could make tax reform easier if ObamaCare's taxes are repealed in a healthcare bill. 

Mnuchin said Thursday that the administration will work to achieve tax reform “whether healthcare gets done or healthcare doesn’t get done." He said that the White House would consider repealing some of the ObamaCare taxes in tax reform if a healthcare bill isn't passed.

The Treasury secretary said he's been meeting with House and Senate taxwriters on a weekly basis since he was confirmed. He said that the White House and congressional Republicans are in agreement that tax reform needs to involve simplifying personal income taxes and making the business tax system more competitive.

Mnuchin said that the White House tax-reform plan "will pay for itself with growth.” He said that lowering tax rates would be paid for in part by curbing deductions but mostly through economic growth.

He also said that making businesses more competitive and simplifying taxes for individuals are issues where there should be areas of agreement between Democrats and Republicans.

“I hope it’s bipartisan,” Mnuchin said. However, if tax reform can't get Democratic support, it will be passed through budget reconciliation, he added.