Steven Mnuchin: Major Tax Reform Plan Coming 'Very Soon'

Steven Mnuchin: Major Tax Reform Plan Coming 'Very Soon'

The Trump administration will reveal a tax reform plan very soon and expects it will be approved by Congress this year whether a healthcare overhaul happens or not, Treasury Secretary Steven Mnuchin said.

"It will be soon, very soon," Mnuchin told a conference on the sidelines of the IMF and World Bank spring meetings in Washington.

Mnuchin said the Treasury was working on tax reform options "day and night" but he gave few specifics.

"It will be sweeping, it will be significant and it will create a lot of economic growth," he said.

President Trump campaigned on promises to lower taxes and boost economic growth.

President Trump suffered a setback in March when the Republican-controlled Congress pulled a proposal to overhaul health care rules that would have generated savings for public coffers.

Trump has since said the administration will continue trying to replace health care legislation enacted by his predecessor, Obama, though Mnuchin said tax reform will move forward even if health laws stay the same.

"Whether health care gets done or health care doesn't get done, we’re going to get tax reform done," he said,

Trump's tax plan would lower rates but most of the revenue lost under that plank of the reform would be gained back by boosting economic growth, Mnuchin said.

"The plan will pay for itself with growth."

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