U.S. Treasury Secretary Mnuchin and National Economic Council Director Gary Cohn announced Wednesday, 26 April at a White House press conference what they called the “core principles” of President Donald Trump’s plan for tax reform and simplification. They said the administration is working with the U.S. Congress on details and on turning the plan into legislation, with the goal of moving as quickly as possible.
The White House has not yet posted an official document summarizing its principles for tax reform.
According to Director Cohn, President Trump is making tax reform a priority and is proposing the most significant tax legislation since the Tax Reform Act
of 1986 and “one of the biggest tax cuts in American history.” Secretary Mnuchin indicated that tax reform would pay for itself with a combination of economic growth, reducing deductions, and closing loopholes.
Director Cohn and Secretary Mnuchin did not say whether the President’s plan might include a proposal similar to the border adjustment tax in the House Republican blueprint that was released in June 2016 (the “House Blueprint”). Further, although they mentioned eliminating business tax breaks for special interests, they did not identify specific provisions the administration might be considering in this regard. They also did not reference using tax law changes to fund infrastructure.
Director Cohn indicated that the President proposes to:
Secretary Mnuchin explained that the President proposes to: