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Mnuchin says goal is to pass tax reform by August

Mnuchin says goal is to pass tax reform by August

However, experts believe that this is unrealistic considering the fact that lawmakers already have a complex agenda to deal with.

President Donald Trump had promised major tax reform and leaner regulations as part of his election campaign, vows that have pushed USA equity markets to records highs since the election.

In an interview on Thursday, CNBC's Becky Quick asked Mnuchin whether he viewed the rally as a scorecard. He reiterated what he told CNBC in November that he is focused on any tax cuts for the wealthy being canceled out with closed loopholes.

The Treasury secretary noted that the reform is "complicated", and the administration will make sure it has "a lot of support" for the action.

"It could slip to later this year", he said.

Mnuchin acknowledged there are some concerns about the plan, which would raise taxes on imported goods and services.

Sunday's polling a key challenge for Akhilesh Yadav
Mocking at the Samajwadi Party-Congress alliance in UP, PM Modi said it was like a movie. Her refrain was deterioration in law and order and plight of women who felt insecure.

The tax plan of Republican House leaders includes the border adjustment tax, which could be a major source of tax revenue.

The yield on the benchmark 10-year Treasury and other long-duration notes are inching lower as investors respond to the Federal Reserve's uncertain tone on raising interest rates and chatter from Treasury Secretary Steven Mnuchin.

During Mnuchin's confirmation hearing, Senate Finance Committee Chairman Orrin Hatch (R-Utah) went to bat for him, saying claims that his businesses helped precipitate the 2008 financial crisis were "lacking in merit".

Mnuchin, 54, is a former Goldman Sachs partner and former CEO of OneWest Bank.

"We want to get this done by the August recess", he added, acknowledging later on Fox Business Network that such a timeline was "very aggressive".

Trump had previously said that he wanted to label China a currency manipulator on his first day in office, but he told the Wall Street Journal several days before his inauguration that he would talk to the Chinese government before taking such an action.


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