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Mnuchin Says Tax Overhaul May Be Backdated to Start of the Year

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"I'm hopeful in these states that taxes don't go up", Mnuchin said.

Mnuchin said the White House is looking for a longer-term budget deal but is at the point where it will take the best deal it can get, with the goal of avoiding a shutdown. Instead, Ryan said a number in the low-to-mid 20s is more realistic. "Passing tax reform, which hasn't been done in 31 years, that's a win".

Democratic leaders including Mr. Schumer and Senator Ron Wyden of OR, the ranking Democrat on the Senate Finance Committee, are set to unveil a report on Tuesday finding that eliminating with the estate tax would mostly benefit the wealthiest Americans. The Trump administration has made completing a package of tax cuts a top priority, but the task is expected to be complicated by Democratic resistance and a divided Republican party. Mnuchin spoke as the national debt crossed $20 trillion for the first time and has increased about 1.1 percent during Trump's time in office.

The Treasury secretary also evaded questions about possible exceptions to the elimination of the special treatment of so-called carried interest for hedge fund managers.

The Treasury secretary said the administration still wanted the carried interest break to be available to "other entities that create jobs".

But the ex-banker said that one of Trump's campaign promises - changing how hedge funds pay Uncle Sam, and effectively making them pay more - is still on the table.

"I don't know if we'll be able to achieve that given the budget issues". "It is less important to the American people".

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