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Mnuchin and Wilbur Ross, Trump's nominee for commerce secretary,
outlined their agenda, including what Mnuchin called the largest
tax overhaul since the Ronald Reagan administration, in an
interview on CNBC. Both men confirmed they had been tapped for
the jobs.
"We think by cutting corporate taxes we’ll create huge economic
growth and we’ll have huge personal income," Mnuchin said in the
interview.
Mnuchin and Ross said lower tax rates would be offset by
reductions in the number of income tax deductions.
"Taxes are way too complicated and people spend way too much
time worrying about ways to get them lower,” Mnuchin said.
Mnuchin and Ross said trade reform would be a top agenda item.
Both men criticized regional trade pacts, saying they favor
bilateral agreements with trade partners.
"We've been doing a lot of dumb trade," Ross said.
Mnuchin said the Treasury and Commerce Departments have trade
enforcement capabilities. With regard to China's foreign
exchange policy, he said, "If we determine we need to label them
as a currency manipulator that's something the Treasury would
do."
(Reporting by Doina Chiacu and Dan Burns; Editing by Chizu
Nomiyama)
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