Mnuchin: More tax details coming shortly

Mnuchin: More tax details coming shortly
© Greg Nash

Treasury Secretary Steven MnuchinSteven Terner MnuchinDeficit hawks voice worry over direction of tax plan GOP eyes limits on investor tax break Overnight Finance: White House requests B for disaster relief | Ex-Equifax chief grilled over stock sales | House panel approves B for border wall | Tax plan puts swing-state Republicans in tough spot MORE said Thursday that the White House and key congressional Republicans are likely to release more tax-reform details in the next several weeks.

Mnuchin told The Wall Street Journal that he expected a tax blueprint with more specifics to come out in the coming weeks, but that “it’s not a 100-page bill with every single detail.” 

The treasury secretary also said in a CNBC interview Thursday that people will "see the details come out later this month," likely referring to September.

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"It's going to go through a committee process, and we expect the House and the Senate will get this to the president to sign this year, and we couldn't be more excited about the progress we've made," Mnuchin told CNBC.

Mnuchin's comments come one day after President Trump launched his efforts to sell a tax code rewrite to lawmakers and the public in a speech in Springfield, Mo. Trump's speech didn't get into many specifics and instead focused broadly on why an overhaul of the tax code is needed to help the middle class.

"What the president is focused on is explaining to the American public why tax reform is important," Mnuchin said in his interview with CNBC. "it's about creating American jobs, it's about creating competitive business so that we can bring back trillions of dollars and have it invested here, and it's about a middle-income tax cut and tax simplification."

In his speech, Trump said that he ideally wants the tax rate on business income to be lowered to 15 percent. Mnuchin told CNBC that 15 percent is the "ideal rate" but that "wherever we end up, the objective is to get a competitive business rate." The corporate tax rate is currently 35 percent.

The Treasury secretary is a member of a group of administration officials and GOP lawmakers known as the "Big Six" who are taking the lead on tax reform. Other members include Speaker Paul RyanPaul RyanThe Hill Interview: Budget Chair Black sticks around for now Gun proposal picks up GOP support GOP lawmaker Tim Murphy to retire at end of term MORE (R-Wis.), Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellGun proposal picks up GOP support Children’s health-care bill faces new obstacles Dems see Trump as potential ally on gun reform MORE (R-Ky.), House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyGOP eyes limits on investor tax break Overnight Finance: White House requests B for disaster relief | Ex-Equifax chief grilled over stock sales | House panel approves B for border wall | Tax plan puts swing-state Republicans in tough spot Swing-seat Republicans squirm over GOP tax plan MORE (R-Texas), Senate Finance Committee Chairman Orrin HatchOrrin Grant HatchGOP eyes limits on investor tax break Children’s health-care bill faces new obstacles Overnight Finance: White House requests B for disaster relief | Ex-Equifax chief grilled over stock sales | House panel approves B for border wall | Tax plan puts swing-state Republicans in tough spot MORE (R-Utah) and White House National Economic Council Director Gary Cohn.

The "Big Six" released a joint statement in July outlining tax principles, and the group is expected to meet with President Trump on Tuesday.