Treasury's Mnuchin says wants 'very significant' tax reform passed by August

The recently confirmed Secretary of the Treasury, Steven Mnuchin, today announced his ambitious goals for a US tax-code overhaul by August. "It's going to be focused on middle class tax cuts and making the business tax more competitive with the rest of the world".

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Mnuchin said the government is aiming at a "sustainable growth of 3 percent or more" by the end of 2018.

"The court decision will force Mnuchin to show just how high a priority housing-finance reform is for the Trump administration", Brandon Barford, a partner at Beacon Policy Advisors, a Washington-based policy research firm, and former staff member for the Senate Banking Committee, told Bloomberg. I hope so. We need that.

In an interview Wednesday with CNBC, he said his department's approach is to "look at currency manipulation across".

Mnuchin said the White House was examining the border tax "seriously", and would work with Republican lawmakers in the House and Senate to resolve differences over tax policy.

The benchmark 10-year Treasury yield was down over 2 basis points at 2.392 percent after hitting a two-week low.


Trump repeatedly vowed to lower the corporate tax rate from 35 percent to 15 percent, however, he has yet to provide details on his proposal.

Mnuchin said the key to boosting growth would be tax cuts and "regulatory relief", including reducing the burden of Dodd-Frank banking regulations implemented in the wake of the 2008 global financial crisis. It would give tax breaks to manufacturers who export but raise the tax bills of companies that import goods.

Mnuchin said there are still major issues to be decided, including whether to include a controversial provision called the border adjustment tax.

"Absolutely, this is a mark-to-market business, and you see what the market thinks", Mnuchin replied.

"We're looking at it seriously, there are certain aspects of it that we're concerned about, there are certain aspects that we like", he 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 USA businesses are competitive", Mnuchin said.

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