DEAR AMERICA: Major Tax Reform is Heading Our Way

Treasury Secretary Steven Mnuchin had a YUGE announcement for the American people on Thursday.

He said the Trump admin was close to bringing forward “major tax reform”. Well, that is good news!

Earlier this week Mnuchin backed off his goal of passing tax reform by August. That has seemed to have changed, though, since he said the White House will unveil the plan “very soon”.

He hopes the passing of a tax overhaul will not “take till the end of the year.”

In a Financial Times interview published Monday, Mnuchin said getting a bill to President Donald Trump‘s desk before August is “highly aggressive to not realistic at this point.” He said in February that he wanted to see “very significant” tax reform passed by Congress’ August recess.

The business community has hoped Republicans can move quickly on overhauling the American tax system, a prospect that partly fueled stock market gains in the months following Trump’s election. However, political realities have tempered expectations for changes to the tax system.

CNBC

Mnuchin said the failure to pass legislation to replace Obamacare contributed to his assessment that passing a tax overhaul by August could be difficult.

But Trump wants action, putting the pressure back on, calling out Mnuchin by name during a speech at Snap-on headquarters.

“So we’re in very good shape on tax reform. We have the concept of the plan. We’re going to be announcing it very soon.

“But health care, we have to get the health care taken care of, and as soon as health care takes care of we are going to march very quickly. You’re going to watch. We’re going to surprise you. Right, Steve Mnuchin? Right?”

Mnuchin said Thursday that “whether health care gets done or health care doesn’t get done, we’re going to get tax reform done.”

Alright then, we can’t wait!

About the author: Rachel Wingenbach

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