Trump hopes new US tax laws to pass by August

By Ovunc Kutlu

NEW YORK (AA) – President Donald Trump’s new tax reform legislation should pass Congress by August, Treasury Secretary Steven Mnuchin said Thursday.

Mnuchin told the CNBC television network the administration is working closely with leaders in the Senate and the House to get the job done by the time lawmakers leave for recess in August.

He said the new tax legislation would be "primarily focused on a middle-income tax cut and a simplification for business”, regulations, echoing promises made by Trump doing his presidential campaign.

Trump repeatedly vowed to lower the corporate tax rate from 35 percent to 15 percent, however, he has yet to provide details on his proposal.

After executives from major American companies, including Boeing and General Motors, visited Trump at the White House in the month since he took office, the president has faced criticism for those who have suggested his tax reform plan may target only wealthy businesses instead of average owners and workers.

Trump hopes lower corporate taxes will help expand the economy, which he believes would help offset a massive government deficit.

Mnuchin said the government is aiming at a "sustainable growth of 3 percent or more" by the end of 2018.