Trump's tax cut aim doubtful: United States treasury secretary

President Trump

President Trump

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The Treasury secretary said the administration still wanted the carried interest break to be available to "other entities that create jobs".

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He said the Trump administration will release a more detailed tax reform plan by the end of September. Mnuchin and Short both said details will come later this month. The White House is wary of relying exclusively on Republican support for the legislation after seeing the health care bill collapse and is genuinely seeking Democratic support, Short said. They also said the deal gives leverage to Democrats in future talks over the borrowing limit and tax reforms.

Mnuchin, who had insisted earlier on Tuesday that tax overhaul would be a certainty before year's end, told CNBC that backdating was "something we are considering and it would be a big boon for the economy".

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Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.

Mnuchin and National Economic Council Director Gary Cohn are scheduled to meet with congressional leaders later Tuesday to discuss the Republican tax cut plan. The major hurdle is how to fund the cut. As Mnuchin worked to sell an 18-month debt-ceiling increase to Republicans and Democrats during a meeting in the Oval Office last week, Trump abruptly made a decision to go for a three-month increase in line with what Democrats wanted.

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Mnuchin said he is having meetings about the cyber attack that may have affected 143 million people. "The president wants to increase military spending and that's something he is going to demand for December".

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