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Tax reform, repatriation of dollars top priority: Mnuchin

Press Trust of India  |  Washington 

reforms, slashing corporate taxes and repatriation of dollars parked abroad would be some of the priorities of the Trump administration, Treasury Secretary nominee Steven Mnuchin said today.

"Our first priority is going to be the plan and the plan has both the corporate aspects to it, lowering corporate taxes so we make US companies the most competitive in the world, making sure we repatriate trillions of dollars back to the United States, and the personal taxes where we're going to have the most significant middle tax cut since Reagan," Mnuchin said soon after he was nominated for Treasury Secretary by President-elect Donald Trump.

"We're going to incorporate the Child Care Program, so this is going to be a tremendous boon to the economy," he said in response to a question.

"I couldn't be more excited about the opportunity to work with him in the administration. Our number one priority is going to be the economy, get back to three to four per cent growth, we believe that's very sustainable and focus on things for the American worker, that's absolutely our priority," the former banker with Goldman Sachs said.

"I know what it takes to make sure that we can make loans to small and mid-market companies, and that's going to be our big focus, making sure we scale back regulation so that we make sure the banks are lending," he said.

Building infrastructure is another focus area, he said.

"It's a big priority of this administration. We need to make sure that our infrastructure is built for the 21st century," he asserted.

"That we have roads and bridges and power grids and infrastructure that support this country, and that's going to be a big focus," he added.

Mnuchin welcomed the decision of Carrier company not to move 1,000 jobs from the US to Mexico.

"The Carrier deal, I think it's terrific. The president-elect and the vice president picked up the phone and called the CEO of United Technologies and told them we want to keep jobs here. Can't remember the last time a president did that and this is going to be a terrific opportunity," Mnuchin said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 22:07 IST