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

13 September, 2017, 00:41 | Author: Chad Mckenzie
  • Trump Will Work With Either Democrats or Republicans to Achieve Tax Overhaul

CNBCs Joe Kernen, Becky Quick and Andrew Ross Sorkin interview Steven Mnuchin, the 77th United States Secretary of the Treasury, at the CNBC Institutional Investor Delivering Alpha conference September 12th in NYC. "What the exact number is is less important, what's important is making sure we have a competitive system".

The Treasury secretary also evaded questions about possible exceptions to the elimination of the special treatment of so-called carried interest for hedge fund managers. But other firms-"entities that do create jobs", Mnuchin said-may still qualify. That would allow them to bypass a Senate filibuster and pass a bill on a partisan basis.

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Treasury Secretary Steven Mnuchin amped up expectations of tax reform before the year is out on Tuesday morning, even bringing up the possibility of backdating changes to January 1.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.

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Mnuchin on Tuesday also said he recognizes that it's important to have good working relationships with both parties, noting that he met with House Speaker Paul Ryan Monday and that Ryan had also had dinner together. As Mnuchin worked to sell an 18-month debt-ceiling increase to Republicans and Democrats during a meeting in the Oval Office last week, Trump abruptly made a decision to go for a three-month increase in line with what Democrats wanted.

But Mnuchin, who was said to oppose the fiscal deal, downplayed those possibilities and said on Tuesday that the president was simply trying to approve must-pass legislation. "The president wants to increase military spending and that's something he is going to demand for December".

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