- The Washington Times - Thursday, September 28, 2017

Treasury Secretary Steve Mnuchin said Thursday that the timeline on taxes is going to be fast.

“We’re expecting that the House begins the markup in October,” Mr. Mnuchin said on CBS News. He added that the plan is for President Trump to have legislation on his desk to sign by December.

Mr. Mnuchin pushed back on the notion that the plan primarily benefits the wealthy and said that simplifying the tax code for the middle class is one of the key components of the bill. He also guaranteed that no one who paid 10 percent in taxes will pay anything higher than that under the new plan.

“The president’s number one focus is creating economic growth [with] a combination of tax reform, regulatory relief and trade,” he said. “We’re very comfortable we’re going to get to 3 percent GDP,” he added, referring to the country’s gross domestic product.

Mr. Mnuchin said that part of what will compensate for the loss of revenue in tax cuts is the incentive they’re creating for those who have assets overseas to bring them back to the U.S. He said there will be a one-time tax that will create a tremendous amount of revenue.

“There’s going to be one-time tax on what we call ‘deemed repatriation,’ ” Mr. Mnuchin explained. “As a result of that, I think we’ll get back somewhere between $2 [trillion] to $4 trillion. It’s just an incredible amount of money that will come back here.”

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