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U.S. Treasury Secretary hopes tax reform be completed this year

Xinhua, May 18, 2017 Adjust font size:

U.S. Treasury Secretary Steven Mnuchin said on Thursday he still hopes the tax reform can be completed within this year.

"I am still very hopeful that we'll get tax reform done this year," Mnuchin said at a forum held by the U.S. Chamber of Commerce.

He suggested that the Trump administration would not favor the controversial border-adjustment tax (BAT) which taxes imports while exempts exports, saying it might bring risks to the U.S. economy.

However, Kevin Brady, chairman of the House Ways and Means Committee, which is in charge of tax plan formation, still expressed his support to the BAT and said it would "level the playing field for 'Made in America' products here and abroad."

Mnuchin said on Thursday the administration will continue to work with lawmakers to work out the detailed tax reform plan.

Earlier the day, Mnuchin told lawmakers in a hearing that the tax plan would "create a middle income tax cut" and would not "raise taxes on the middle income."

House Speaker Paul Ryan also said on Thursday that the Republicans' goal is to complete tax reform within calendar year 2017. Endit