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US under Trump Series: Steven Mnuchin assures on tax reforms in 2017

The Trump administration is preparing and aiming for the biggest tax reforms in the United States since President Ronald Reagan to get finished this year according to the treasury secretary of Steven Mnuchin. Mr. Mnuchin assured on the idea that tax reforms proposals will be presented this year before the House of Representatives even if a second attempt to pass the Affordable Care act fails to pass through congress. According to the Trump administration, the negotiations are still underway with respect to the act. There are talks that the affordable care act could be presented for voting in the House as early as next week. President Trump himself said that he wants to get done with the healthcare so that it creates some fiscal space. However, he has also insisted that a failure there would not prevent him to move ahead with his tax reforms and infrastructure spending.

Speaking at a conference in Washington Mr. Mnuchin said, "Whether health care gets done or doesn't get done, we're going to get tax reform done……We're pretty close to being able to bring forward what is going to be major tax reform." The controversial border adjustment tax is still on the table according to the Trump administration. Mnuchin said Trump's tax priorities are to simplify personal taxes, create middle-class tax cuts and make business taxes competitive. It would collapse the existing seven existing income tax brackets into three, with a top rate of 33 percent.

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21.0 %

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