Mnuchin offers some hints about what's coming in tax reform plan
Mnuchin on some of the broad strokes
- Wants three or four tax brackets in individual code (there are currently 7: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%)
- Majority of revenue lost from lower tax rates will be made up with extra growth and dynamic scoring
- Says 'close' to bringing forward tax reform
- We like and dislike aspects on currency
- We're concerned about border tax impact on currency
- Tax reform will happen whether healthcare is done or not
He said they will unveil the plan very soon and that if Democrats don't support it, they will go through the reconciliation process.
Dynamic scoring is a bit of a hot button issue. It allows for budget estimates to incorporate assumed macroeconomic effects or future effects.