A recording of the hearing will be made available on the Senate Finance Committee’s website.
In an opening statement [PDF 385 KB], Chairman Orrin Hatch (R-UT) observed that:
The next Treasury Secretary will be tasked with advancing policies that will improve our nation’s economic and fiscal outlook. The position oversees both the collection of taxes and the management of our debt. In addition, as Congress works to reform our nation’s tax code and fix our broken healthcare system, it is absolutely essential that we have a cooperative partner overseeing Treasury.
Read the opening statement [PDF 322 KB] by Ranking Member Ron Wyden (D-OR).
Regarding tax reform, Mr. Mnuchin stated that “I’ve been one of the chief architects of [the president-elect’s] economic plan. We believe that the most critical issue is creating economic growth and passing tax reform is a major component of that. In our tax reform plan we believe that tax simplification and fewer deductions are absolutely critical.“
In response to questioning by the Senators, Mr. Mnuchin addressed a number of areas related to the Internal Revenue Code and tax reform. He also indicated his interest to work to improve the ability of the IRS to accomplish its mission, including expressing some concern regarding low staffing levels and lack of technological advancements at the IRS.
It is unclear when the Committee and the full Senate will hold a vote on the nomination.
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.