(CNSNews.com) - Treasury Secretary Steve Mnuchin says the Trump administration hopes to roll out its "full-blown" tax reform plan in early September and sign it into law by the end of the year.
"So let me just say, we're absolutely committed to getting tax reform done this year," Mnuchin told ABC's "This Week."
I think it's critical for economic growth. I think as you've heard us say, we need to get back to 3 percent or better GDP. And our plan is to have a full-blown release of the plan in the beginning of September, with being able to vote and getting this passed before the end of the year.
And we are having meetings multiple times every week with the leadership of the House and the Senate. We're having lots of listening sessions. We probably met with 300 or 400 different business leaders, outsiders, think tanks. We're learning from the health care process and we're going to get tax reform done (this year).
Mnuchin denied a report that presidential adviser Steve Bannon is advocating a 40 percent top tax rate:
"I have never heard Steve mention that," Mnuchin said. "It's another example of a false leak that's being reported."
Mnuchin said the administration is proposing a top rate of 35 percent, with the elimination of almost "every single deduction," including the deduction for state taxes, which would particularly affect people in high-tax states.
Mnuchin said the plan is not yet final, and he said he's heard a lot of feedback from high-tax states such as New York, California, New Jersey, Connecticut and Illinois:
"And I think we want to be sensitive to those states and those economies as we shape the plan. But, again, the president's focus is a middle income tax cut, reforming the business tax system to make it competitive, and creating a tax simplification that will grow this economy."
"No one in the middle class will have a tax increase?" Stephanopoulos asked Mnuchin.
"That's our objective, absolutely," Mnuchin replied. He added that he expects the plan to be fully paid for over ten years.