Published: Wed, September 13, 2017
Global Media | By Garry Long

Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

"The president is absolutely a Republican, as am I by the way", Mnuchin said Tuesday at a conference sponsored by CNBC and Institutional Investor Magazine.

"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said.

President Trump has said that they should get taxed at a higher rate that counts that money as income.

"I'm hopeful in these states that taxes don't go up", Mnuchin said. Instead, Ryan said a number in the low-to-mid 20s is more realistic.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year. Reconciliation can be used if tax reform legislation can't get the required 60 Senate votes, he said.

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It was clear on Tuesday that many important decisions have not been made.

Mnuchin framed the issue in terms of the ongoing bartering between the administration and congressional leadership, which most recently produced a deal that raises the debt ceiling and keeps the government operating into December.

Mnuchin said that Republicans plan to eliminate the state and local tax deduction, so there won't be a tax cut for people in high-tax states such as NY and California.

Democrats have also been deeply skeptical of the Trump administration's plans to repeal the estate tax, which it has said has been harmful to family farmers. He hopes to lower the top individual tax rate slightly to offset the elimination of the deduction so that residents of high-tax states don't see a tax increase.

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