The Trump administration is aiming to complete the biggest overhaul of the tax code since President Ronald Reagan by end of the year, even if a second attempt to repeal the Affordable Care Act fails, according to Treasury Secretary Steven Mnuchin.
“Whether health care gets done or doesn’t get done, we’re going to get tax reform done,” Mnuchin said Thursday at a conference in Washington. “We’re pretty close to being able to bring forward what is going to be major tax reform.”
(Related on ThinkAdvisor: White House to Enact Tax Reform by August: Treasury Secretary Mnuchin)
The dollar and U.S. stocks rose after Mnuchin’s comments, which come as the White House and congressional Republicans are at odds over whether to try for another vote on replacing Obamacare next week. President Donald Trump has said he wants to get a health-care bill completed first before moving onto taxes.
(Related on ThinkAdvisor: Tax Executives See Tax Reform Ahead Under Trump)
The White House is working on hashing out its own proposal, while the tax-writing House Ways and Means Committee is working on getting support for the tax blueprint it released in June. Both sides broadly agree on rate cuts for individuals and businesses. The Trump administration hasn’t yet said whether it supports the House’s controversial border adjustment proposal to replace the 35 percent corporate rate with a 20 percent tax on domestic goods and imports, while exempting exports.