The Trump administration has promised an overhaul of the tax code since day one in the White House, but a complete revamp takes time. The administration just recently released its first budget and is currently working with congress to pass the American Health Care Act (AHCA). With only a rough outline and major goals available right now, it would be easy to assume tax reform isn’t a priority, but that’s not the case according to Treasury Secretary Steven Mnuchin.
“Our objective is to get that done this year, and I’m hopeful that that’s the case,” said Mnuchin at the Peterson Foundation Fiscal Summit according to CNBC.
Lawmakers had hoped to work on tax reform early in the president’s tenure, but the initial failure to pass AHCA bumped the timeline. Mnuchin said that administration is working to iron out all of the details of the full tax plan before a full rollout to create, “a unified plan that the House and Senate will support,” reports CNBC.
Mnuchin also re-emphasized the administration’s goal of providing a middle-income tax cut but added that he wasn’t sure what the final result will be due to Congressional input.
NFIB president and CEO Juanita Duggan emphasized the importance of achieving tax reform in 2017 in a letter to the Chairman of the House Ways and Means Committee Kevin Brady.
“Tax reform has the potential to have an enormously positive impact on small businesses; it is their top priority in 2017,” wrote Duggan. “To be clear, tax reform should result in a tax code that is easier to comply with, ensures that small businesses have rate parity with their larger competitors, and reduces tax rates for all small businesses. No small business should pay a higher tax rate than they do currently, and small businesses should not face a higher tax rate than large corporations, which would put them at a competitive disadvantage.”