You will be redirected back to your article in seconds

Treasury Secretary Steve Mnuchin Promotes Trump Tax Plan: ‘We’re All on the Same Page’

Treasury Secretary Steven Mnuchin touted President Trump’s tax proposal at the Milken Institute Global Conference on Monday morning.

In a discussion with Fox Business host Maria Bartiromo, Mnuchin said that the White House and House Republicans “share the same vision” for tax reductions.

“We’re all on the same page,” he said. “On 80% of the details, we’re in agreement. Another 20% we need to work through.”

The administration released an outline of a tax plan last week, which includes cutting the corporate rate to 15%, and eliminating most deductions and eliminating the alternative minimum tax. Mnuchin reiterated that the “intent” of the bill is not to lower taxes for high earners, but to offset rate cuts by the elimination of deductions.

Mnuchin also said the administration would “like to see bipartisan support” for the plan. A month ago, there was talk on Capitol Hill of pairing a tax reform bill with an infrastructure plan to win over some Democrats. But the outline issued last week did not include an infrastructure program, a sign the administration is taking a party-line approach.

“We’ve talked about putting infrastructure and tax together,” Mnuchin said. “I think we’re probably not going to do that. I think they’re both complicated issues.”

Mnuchin said the administration would go through the Senate reconciliation process — which requires only a simple majority — if Democrats do not come on board.

If passed, Mnuchin projected the tax plan could result in 3% GDP growth in two years.

“This is really our version of a jobs bill,” he said. “The sooner we can pass taxes, the sooner we can get regulatory relief, the better we’ll be.”

Mnuchin is a Goldman Sachs alum who financed films for many years through Dune Capital. Asked if he was enjoying his new job in Washington, he said, “People ask me if I’m having fun. Fun is hanging out in L.A. [Being treasury secretary] is the most interesting thing I’ve ever done.”

Speaking in front of a business audience, Mnuchin also made reassurances that Trump supports trade and legal immigration. He also argued that Trump is open to new ideas.

“He really does listen,” he said. “He takes in a lot of input and he does listen.”

More Biz

  • Smoke haze covers the Sydney Harbour

    Australia's Seven West to Merge With Affiliate Prime Media

    Australia’s Seven West Media has agreed a deal to acquire regional broadcast group Prime Media. The move is a further step in the consolidation of Australia’s traditional media industry. The two companies announced on Friday that Seven will make the acquisition entirely through the issue of new shares to the owners of Prime. Both companies [...]

  • Ron Meyer

    Ron Meyer Files $10 Million Suit Over Forged Rothko

    NBCUniversal Vice Chairman Ron Meyer has filed a $10 million suit against two art dealers, claiming they sold him a forged Mark Rothko painting in 2001. Meyer accuses Susan Seidel and Jaime Frankfort of duping him into buying the work. According to the suit, he was told that it would be included in an official [...]

  • Former movie producer Harvey Weinstein (L)

    Harvey Weinstein Seeks to Call Expert on 'Recovered' Memories at Rape Trial

    Harvey Weinstein’s attorneys are seeking to call an expert on “recovered memories” at his trial on rape and sexual assault charges. The defense has filed a motion asking to call Deborah Davis, a psychologist and professor at the University of Nevada at Reno. Davis is a frequent defense witness. She co-authored an article in 2006 [...]

  • Tekashi 6ix9ine Docuseries Coming From Showtime

    Tekashi 6ix9ine Docuseries Coming From Showtime and Rolling Stone

    Showtime Documentary Films today announced a new limited docuseries profiling controversial rapper Tekashi 6ix9ine. Titled “SuperVillain” and inspired by the Rolling Stone feature written by Stephen Witt, the three-part series will trace how a New York City deli clerk named Daniel Hernandez became superstar rapper Tekashi 6ix9ine — who racked up 2.6 billion streams and [...]

  • Fader Label Logo

    Fader Label Signs Two New Acts, Boosts Staff

    The Fader Label, home to Clairo, Matt and Kim and others, announced two new signings today along with three new hires on its staff. Charlie Burg and Zachary Knowles have joined the label’s talent roster, while Carson Oberg has come aboard as general manager, Yasmine Panah as project manager and Josh Hymowitz as label coordinator. They [...]


    CBS-Viacom Merger Details Revealed, Shares to Trade on Nasdaq

    Negotiations between CBS and Viacom went down to the wire on the day the long-gestating transaction was finally sealed on Aug. 13. CBS Corp. and Viacom revealed the timeline of the merger talks in a Securities and Exchange Commission filing on Thursday that runs more than 650 pages. Also Thursday, CBS and Viacom said the [...]

  • Nile Rodgers and Merck Mercuriadis

    Hipgnosis Songs Raises Another $295 Million

    Hot on the heels of its deal to acquire a catalog of 108 Timbaland copyrights, Hipgnosis Songs has raised another $295 million (£231 million) — putting its total to nearly $800 million to date. According to the announcement, a total of 231,000,000 C Shares have been placed by Nplus1 Singer Advisory LLP  and J.P. Morgan [...]

More From Our Brands

Access exclusive content