Mnuchin: House and Senate tax bills have 'absolute same objectives'

Mnuchin: House and Senate tax bills have 'absolute same objectives'
© Greg Nash

Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Fed chief lays out risks of trade war | Senate floats new Russia sanctions amid Trump backlash | House passes bill to boost business investment The Hill's Morning Report — Trump isolated and denounced after Putin meeting IRS reduces donor reporting rules for some tax-exempt groups MORE said Sunday that the tax bills in the House and Senate have the “absolute same objectives,” despite the upper chamber's plan to postpone the cut in the corporate tax rate.

"The good news is, both the House and Senate bill have the absolute same objections," Mnuchin told CBS's "Face the Nation."

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"Obviously we would prefer if they kicked in sooner rather than later, but we're going to work with the Senate on that issue," Mnuchin added of the corporate tax cut.

The secretary noted that while the corporate tax cut may not happen right away, "expensing will kick in right away."

Mnuchin's remarks come after the Senate on Thursday unveiled its own approach to tax reform, which delays until 2019 the cut in the corporate tax rate, breaking with legislation in the House and the wishes of President Trump. The House bill would cut the corporate tax rate from 35 percent to 20 percent next year. 

Mnuchin expressed hope that the House will pass its bill this week and that the two chambers could work out the details of the GOP plan in conference.