Treasury Secretary Steven Mnuchin admits the August deadline for Trump's massive tax cuts is 'not realistic at this point'

pulse

April 18, 2017 6:01 AM

In an interview with the Financial Times, Treasury Secretary Steven Mnuchin said it is "fair to say" Trump's promised tax cut "is probably delayed a bit."

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Treasury Secretary Steven Mnuchin admitted in an interview with Financial Times that President Donald Trump's planned tax cuts and reform will not come by the congressional recess in August.

Mnuchin had previously said that he wanted to have a massive tax reform bill on Trump's desk by the August recess.

"It started as [an] aggressive timeline,” Mnuchin told the FT. "It is fair to say it is probably delayed a bit because of the healthcare."

Mnuchin also called the deadline "

Mnuchin's comments confirm the fears of many analysts, who assumed that the timeline for tax reform would be pushed back after the GOP's failure to pass the American Health Care Act. House Speaker Paul Ryan and President Trump admitted that not repealing Obamacare's taxes (which the AHCA would have done) makes tax reform more difficult.

Trump promised during the campaign to cut the federal corporate tax rate to 15% from its current 35% and lower personal taxes. He heralded the cut as the biggest since Ronald Reagan's presidency.

Recent reports, however, indicate that Trump's team may not be able to cut corporate taxes all the way to 15% and the rate may end up being as high as 28%.

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