Treasury Secretary Mnuchin says the Trump administration is 'committed to get tax reform done' by August

Steven MnuchinGetty Images/PoolTreasury Secretary Steven Mnuchin

Treasury Secretary Steven Mnuchin laid out the timeline for tax reform and predicted that the US economy would see a serious growth boom in an interview Thursday morning.

Speaking with CNBC’s Becky Quick, Mnuchin said that the administration is considering a number of tax-related proposals but hopes to have the plan in place by the end of the summer.

“Our economic agenda, the number one issue is growth and the first, most important issue that will impact growth is a tax plan,” said Mnuchin.

“So we are committed to passing tax reform, it will be very significant, it’s going to be focused on middle-income tax cuts, simplification, and making the business tax competitive with the rest of the world… That’s really our focus, we want to get this done by the August recess.”

Mnuchin said that the administration is working on a “combined plan” with the House and Senate.

Quick asked whether the tax plan would include the controversial border adjustment tax, which some House Republicans say will make the US more trade competitive but has been derided by retailers and some GOP Senators. Mnuchin said there are “some concerns” with the border adjustment tax, but it also has “interesting aspects.”

In his first interview with CNBC in January, Mnuchin noted that any tax cut for the wealthy in Trump’s tax plans would be offset by the closing of deductions for high-income earnings. The Treasury secretary stood by those comments on Thursday.

“As I said before, we’re primarily focused on a middle-income tax cut and simplification for business,” said Mnuchin. “What we are focused on, on the high end, if there are tax cuts that they are offset with reductions of deductions and other things.”

Trump previously said in a meeting on February 9 with airline CEOs that the administration was going to release something “phenomenal in terms of tax” over the “next two or three weeks.” While a plan may come out in that timeframe, it appears the administration does not expect its passage until the end of the summer.

Watch the exchanges on the tax plan via CNBC:

 

 

Treasury Secretary Mnuchin: We’re committed to ‘very significant’ tax reform by August recess https://t.co/W7XKPexFYo pic.twitter.com/1lqCZwPbGY
— CNBC (@CNBC) February 23, 2017

Treasury Secretary Mnuchin to CNBC: “We’re primarily focused on a middle-income tax cut and simplification for business” pic.twitter.com/f6E9dmQjd5
— CNBC (@CNBC) February 23, 2017

NOW WATCH: What happens to your brain and body if you use Adderall recreationally

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.