Treasury Secretary Steven Mnuchin said Wednesday the Trump administration is on pace to achieve tax reform and tax cuts before the end of 2017.
Mnuchin spoke with Fox News about President Donald Trump's tax reform push.
"We are determined to get tax reform and tax cuts done this year," he said. "We are on track. We will be releasing the details very soon. We look forward to getting this to the president's desk this year to sign."
Mnuchin said he has worked closely with Trump on the issue of tax reform since the presidential campaign. He noted lowering the corporate tax rate would have long-term benefits.
"I am optimistic we will get this done this year," Mnuchin said. "This is about creating economic growth. It's about creating a business tax system that's competitive.
"This isn't just about cutting taxes. This is about tax reform. This is about changing the system and going from a worldwide system to a territorial system to make us competitive. That alone is going to create literally tens of thousands of jobs and have trillions of dollars invested here."
Mnuching said the plan would not add to budget deficit projections under the administration's forecast for economic growth.
"It will be revenue neutral under our growth assumptions," Mnuchin said in an interview on Fox News Channel. "We can pay for these tax cuts with economic growth."
Mnuchin also referenced the deal Trump struck with Democrats that raised the debt ceiling and provided aid to victims of Hurricane Harvey. Many Republicans were upset the debt ceiling was increased again, but Mnuchin said he needed that money to keep the government open.
"I've been operating the government like a piggy bank," he said. "We haven't had enough cash. What this deal allowed me to do is restore the cash and make sure we don't need to shut the government down over a fight over the debt ceiling."
Reuters contributed to this report.
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