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The White House still believes that tax reform legislation by the end of the year is still doable, White House budget director Mick Mulvaney said on CNBC Friday, even as the administration's health care reform initiative languishes in the U.S. Senate.

"I'd like to see for example the corporate tax rate at 15 percent. I'm not alone in the administration in wanting that. If we can pass that, that's great," the director of the Office of Management and Budget said.

Tax reform and foreign cash repatriation have been cornerstones of the Trump administration's economic reform efforts. 

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