Mnuchin says administration wants tax reforms through Congress by August
- Author: Zachary Reyes Feb 24, 2017,
Feb 24, 2017, 2:05
"There's an incredible amount of liquidity out there and we want to make sure banks put it to work", he added.
U.S. equities have posted sharp gains since Trump won the presidential election last November, as investors bet that he would pursue massive corporate tax cuts, deregulation and infrastructure spending.
New Treasury Secretary Steven Mnuchin isn't ready to name China a currency manipulator, choosing to wait for the department's evaluation process to be completed before making a judgment. We're on the same page with Congress on taxes, says Mnuchin.
President Donald Trump campaigned on the promise of slashing corporate taxes from 35 percent to 15 percent, as well as cutting individual income taxes and reducing the number of brackets.
Mnuchin told CNBC he had "a terrific conversation" with his Chinese counterparts and looks forward to meeting them.
Under the House proposal, American companies that produce and sell their products in the United States would pay a new 20 percent tax on the profits from those sales.
Mnuchin suggested that any reduction in taxes on the upper class would be offset by the elimination of tax deductions.
"Absolutely", Mnuchin said. "This is a mark-to-market business, and you see what the market thinks".
He said implementation of Trump's economic program including tax cuts and deregulation would make growth in a range of 3 percent to 3.5 percent "very achievable".
Housing reform is also carefully being looked at he said.
"There are certain aspects of it that we're concerned about, there are certain aspects that we like", Mnuchin told Fox Business Network of the border tax adjustment plan.