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Steven Mnuchin Tag

I think it's safe to assume that a tax reform plan will take a lot longer than Trump's administration thinks, especially when his officials cannot agree on how the plan will work. That's exactly what happened when White House Budget Director Mick Mulvaney and Treasury Secretary Steven Mnuchin testified in front of two different Senate committees. Mulvaney told the Senate Budget Committee that the "tax plan doesn't bank on any revenue stemming from faster economic growth." At the same time, Mnuchin told the Senate Finance Committee that the "tax plan will partly pay for itself with economic growth."

Speaker Paul Ryan (R-WI) will not let go of a border adjustment tax (BAT) when it comes to tax reform, which will set up a major showdown with the White House and possibly the Senate. Ryan admitted today that the House could pass a tax bill without the BAT, but he's still trying to sell the idea to his fellow lawmakers and the White House.

Secretary of Treasury Steven Mnuchin and National Economic Council Director Gary Cohn spoke to the press at the White House today about President Donald Trump's tax reform plan. Trump wants to slash the corporate tax rate to 15%, which I covered yesterday. But he also wants to place income taxes for us regular Americans into three brackets. From The Wall Street Journal:
“Clearly we have a unique opportunity to do something major here,” Mr. Cohn told a small group of reporters in the White House on Wednesday morning. “It’s our intention to create a huge tax cut and equally as important, a huge simplification of the tax system in America.”

President Donald Trump has offered us a little hint into the tax reform plan he wants to unveil on Wednesday. He has demanded aides to draft a plan that cuts the corporate tax rate to 15%. It would help him keep one of his campaign promises. On the trail, he vowed to bring the tax rate to 15% from 35%. Yet, it could cause a fight on Capital Hill. Republicans want to cut taxes, but they cannot agree on how much.

The Treasury Department has rejected a request from ExxonMobil to waive Russian sanctions in order for the oil company to drill with PAO Rosneft. The department received sanctions years ago after Russia invaded Ukraine and annexed Crimea. ExxonMobil, which Secretary of State Rex Tillerson headed, had made plans with Rosneft to drill in the Black Sea and the Arctic Circle for oil and natural gas.

President Donald Trump will sign an executive order for Treasury Secretary Steven Mnuchin to target financial regulations from former President Barack Obama that have caused companies trouble to conduct business. Mnuchin has said that the orders from Trump "are meant to emphasize the administration's economic priorities to the American people." This includes parts of the Dodd-Frank Act and tax regulations handed out in 2016.

Now that the GOP healthcare bill is dead, the administration will more than likely set its eyes on tax reform. However, this could very well end like the healthcare bill. House Speaker Paul Ryan (R-WI) insisted that the party has "more agreement" when it comes to tax reform while Treasury Secretary Steven Mnuchin explained that the "plan to overhaul the U.S. tax code would face smoother sailing" than healthcare. Oh really?

Tax reform has been at the forefront of GOP policy issues in Washington. Under the Trump administration, tax reform includes a proposed border adjustment tax or tariff. Treasury Secretary Steven Mnuchin and the White House want tax reform legislation in the works by August, but Senate Majority Leader Mitch McConnell (R-KY) said an August timeframe is unlikely:
"I think finishing on tax reform will take longer. But we do have to finish the health-care debate, up or down, win or lose, before we go to taxes," McConnell told Politico.

The Senate has confirmed Steven Mnuchin as Treasury Secretary for President Donald Trump's Cabinet. As expected, all Republicans voted for Mnuchin. It was expected to go down party lines, but West Virginia Democrat Senator Joe Manchin voted yes as well. The vote ended 53-47.

Senate Republicans found a way to end the Democrat boycott of approval votes for President Donald Trump's Cabinet. The Republicans on the Senate Finance Committee changed the rule stating at least one member from each party must attend a meeting for the committee to do its work. The Democrats boycotted the hearing yesterday to approve Human and Health Services Secretary nominee Rep. Tom Price (R-GA) and Treasury Secretary nominee Steven Mnuchin. They boycotted Wednesday's meeting, which forced Republicans to take action:
“It’s just another way of roughing up the president’s nominees,” said committee Chairman Orrin Hatch (R-Utah). “They have been treated fairly. We have not been treated fairly.”

The New York Times reports Donald Trump will officially announce Steven Mnuchin's appointment to the post of Treasury Secretary as soon as Wednesday. Mnuchin as no government experience (though that's not terribly uncommon for Treasury Secretaries), but served as Trump's Campaign Finance Director.