Steve Mnuchin says backdating tax reform 'absolutely' a possibility

Treasury secretary speaking to a Senate subcommittee in July about the budget. Credit Stephen Crowley  The

President Donald Trump is "absolutely a Republican", even if he did work with Democrats on a plan to raise the nation's debt ceiling for three months, Treasury Secretary Steven Mnuchin insisted Tuesday.

Trump campaigned on the promise of cutting the corporate tax rate to 15%, but Mr Mnuchin said that the goal would be hard to achieve. "But we're going to get this down to a very competitive level, and the exact number is less important".

Pressed on whether lowering the corporate tax rate to the mid-20s would be acceptable, Mnuchin demurred, but he said that simply passing tax reform would be a "win".

When asked at the Delivering Alpha conference, Mr. Mnuchin said backdating is "something we are considering" and that "it would be a big boon for the economy".

Mr. Trump and Republicans have made tax reform overhaul their main priority for the fall and have repeatedly promised to pass the legislation before the end of the year. Trump may seek more disaster aid Bipartisan bill would force Treasury to put Tubman on bill Judd Gregg: The complex path to tax simplification MORE is defending President Trump's Republican bonafides, which have been questioned after the president struck a fiscal deal with Democrats in Congress.

Steve Mnuchin to Wall Street: Time to pay up.

The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details.

"We want to make sure that we encourage jobs, so that is something we're still working on", he said.

"I'm hopeful that they'll get a slight decrease in federal government [taxes] which will offset what they will lose on the state deductions", Mnuchin said of taxpayers who benefit from state deductions. "It is less important to the American people".

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