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Treasury Secretary Steven Mnuchin participates in an interview during The Hill’s Newsmaker Series ‘Prospects for Tax Reform’ at the Newseum April 26, 2017 in Washington, DC.
Treasury Secretary Steven Mnuchin told CNBC on Friday he expects a Republican tax reform bill to be sent to President Donald Trump to sign by Christmas.
“We’re very excited about the timeline,” Mnuchin said on “Squawk Box.” “We’re going to have the Senate, as soon as they get back from Thanksgiving, vote on the bill.”
“We have every reason it will get to the president’s desk before Christmas for him to sign,” he predicted.
House Republicans passed a monumental bill to cut taxes on businesses and individuals on Thursday in the GOP’s once-in-a-generation effort to overhaul the American tax system. The plan passed the chamber with 227 votes in favor and 205 against.
Trump tweeted late Thursday about the bill passage, calling it a “big win” for the House.
@realDonaldTrump: Big win today in the House for GOP Tax Cuts and Reform, 227-205. Zero Dems, they want to raise taxes much higher, but not for our military!
Mnuchin told CNBC Friday, “The focus of the plan really is middle-class tax cuts and delivering those right away and making our business tax system competitive.
“As a result of the reconciliation process and scoring and the Byrd rule, there are certain parts of this that expire, but we have every expectation that down the road Congress will extend them,” he added.
Members of the Senate Finance Committee voted to approve their version of a tax package late Thursday. The approval is seen as a crucial step for the Senate to consider the bill after Thanksgiving.
