Mnuchin: Policymakers ‘100 percent committed’ to getting tax reform this year

Treasury Secretary Steven Mnuchin on Tuesday expressed confidence that tax reform legislation will pass this year.

“The speaker, myself, the Senate leadership, we are all 100 percent committed to getting it done this year,” Mnuchin told CNBC. “It’s critical to the economy, we have a unique opportunity to do this, it’s been 30 years, we have to fix the system.”  

Mnuchin’s comments come ahead of Speaker Paul Ryan’s (R-Wis.) speech Tuesday on tax reform at a National Association of Manufacturers event. Ryan is expected to say that lawmakers and the administration are moving “full speed ahead” on tax reform.

When asked whether policymakers are pursuing tax reform or tax cuts, Mnuchin said that administration officials want to do both.

“It’s massive tax reform that comes along with tax cuts,” he said, adding that tax reform is his “number one focus.”

Mnuchin also said that tax receipts are “a little bit lower than we expected,” which has to do with some individuals and businesses delaying taxes in anticipation of tax reform. But the Mnuchin said he’s not concerned.

Lower tax receipts could mean a need to raise the debt ceiling earlier in the year. Mnuchin said “we are fine through the beginning of September” but wants Congress to raise the debt ceiling before the August recess.

Mnuchin also pushed back when a CNBC reporter mentioned that there are a number of vacancies in key Treasury positions.

He said there are 26 positions, and names have been announced for about 16 of those. Candidates for another five of those positions are undergoing FBI background checks, and there are about three or four positions that he doesn’t think need to be filled.

“We have virtually the entire team either picked or already in the process,” Mnuchin said, adding that Treasury’s career staff is “unbelievable.”