Tax Reform Is Coming

Treasury Secretary Steven Mnuchin said Sunday that he expects the Trump administration to complete tax reform by the end of the year, despite the president's healthcare reform bill stalling in the Senate.

"We're absolutely committed to getting tax reform done this year," Mnuchin told George Stephanopoulos on ABC on Sunday. "It's critical for economic growth. We need to get back to 3% or better GDP."

The plan, unveiled in April by Mnuchin and National Economic Council director Cary Cohn, would cut the number of income tax brackets to three from seven, with rates of 10%, 25% and 35%. Corporate taxes would fall to 15% from 35% and most tax deductions would be eliminated. Mnuchin and Cohn's plan also calls for a "one-time tax" on corporate cash held overseas.

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