Report: Treasury secretary eyes "ambitious timeline" for tax reform

Steven Mnuchin testifies before a Senate Finance Committee confirmation hearing on his nomination to be Treasury secretary in Washington, U.S., January 19, 2017. 

REUTERS/Joshua Roberts

Treasury Secretary Steven Mnuchin says he predicts Congress could pass a comprehensive tax reform package before lawmakers leave on their annual August recess.

He made the comment in an interview with The Wall Street Journal, while adding, “That’s an ambitious timeline. It could slip to later in the year.”

Mnuchin said the administration has been working with House and Senate Republicans on a plan. The report, however, noted that the House plan could potentially be in trouble and the Senate doesn’t have have one. The WSJ noted that it’s unclear whether the administration would back congressional GOP plans to make the package revenue neutral, which would mean that lower tax rates wouldn’t increase the deficit.

Earlier this month, White House press secretary Sean Spicer said that President Trump would release an outline for tax reform within weeks. During the presidential campaign, Mr. Trump unveiled a plan in which he proposed reducing income taxes, cutting taxes for corporations, closing the carried interest loophole, eliminating the estate tax and making childcare tax-deductible.

Meanwhile, the White House said the administration plans to release the president’s first budget blueprint by mid-March. The statutory deadline for presidents to submit their budgets is the first Monday of February, though President Obama blew past that deadline several times.

Mr. Trump is set to deliver his first address to a joint session of Congress on Tuesday.

  • Rebecca Shabad

    Rebecca Shabad is a video reporter for CBS News Digital.