White House offer conflicting details of Trump tax plan
Treasury Secretary Steven Mnuchin suggested Wednesday’s announcement would pursue a long-term overhaul of the tax code.
Mnuchin said one of the White House’s top priorities was to complete “comprehensive economic tax reform”, dramatically simplifying how people file their annual returns.
He said he wants to allow many people to file their taxes on a “postcard”.
But on Sunday, Mick Mulvaney, director of the Office of Management and Budget, appeared to cast doubt on Mnuchin’s statements, saying the White House has not decided whether to pursue a long-term or short-term tax overhaul.
He also said they have not decided whether to offset the rate cuts with other changes that would reduce the budget deficit.
“I don’t think we’ve decided that part yet,” Mulvaney told Fox News on Sunday.
“You can either have a small tax cut that’s permanent or a large tax cut that’s short-term.”
Mulvaney said the tax plan the White House will release Wednesday will include “some specific governing principles, some guidance, also some indication of what the rates are going to be.”
Trump surprised Capitol Hill – and even some people within the White House – when he first announced the Wednesday deadline at an event last week.
The president has said an overhaul of the tax code is one of his biggest priorities, reports The Washington Post.
He said cutting taxes will grow the economy, lead to more hiring and bring trillions of dollars back into the US that companies are now holding overseas to avoid taxation.
Among the administration’s stated aims are to simplify the tax code for individuals and families, lower corporate tax rates and provide a major tax cut for the middle class.