Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

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"The president reached out to Democrats and showed that he could get things done on a bipartisan basis", Mnuchin said while addressing critics at the Delivering Alpha conference presented by CNBC and Institutional Investor magazine.

Equifax announced last week that it learned on July 29 that hackers had infiltrated its systems in mid-May, pilfering names, birthdays, addresses as well as Social Security and driver's license numbers.

Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important.

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", Mnuchin said.

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".

Most Senate Democrats have said they won't support a tax bill that cuts taxes for people in the top 1 percent of income. Academics who have studied the issue say the figure could be much higher, $180 billion. Eliminating those provisions, in general, would affect high-tax blue states like NY and California.

Treasury Secretary Steven Mnuchin amped up expectations of tax reform before the year is out on Tuesday morning, even bringing up the possibility of backdating changes to January 1.

He said the Trump administration will release a more detailed tax reform plan by the end of September.

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