US Treasury's Mnuchin says will unveil tax reform plan 'very soon'

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He added that he expected tax reform legislation to be passed by the end of the year.

The fresh guidance comes on the heels of a recent interview with the Financial Times where the former Goldman Sachs banker backed away from his ambitious deadline of delivering a bill for the president to sign by August.

"Whether health care gets done or health care doesn't get done, we're going to get tax reform done", Mnuchin said.

"What's good for the U.S. economy is good for the global economy", Mnuchin said in a discussion at the Institute for International Finance.

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Cohn said that the White House tax plan would include both changes to both the individual and corporate tax systems.

Mnuchin said he hoped that there would be bipartisan support for a plan.

The Trump administration wants to tax imports from countries that put tariffs on the United States, said Gary Cohn, director of President Donald Trump's National Economic Council.

Mr. Mnuchin said he has been meeting weekly with House and Senate lawmakers and that the three groups have the same objectives: to simplify individual taxes, create middle-income tax cuts to spur the economy and make US business taxes competitive.

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The core principles of tax reform will be simplifying the tax code, cutting rates and using the tax code to make America more competitive, Cohn explained.

A tax reform bill has been one of the major promises of President Trump during his campaign for the Oval Office.

The goal is to "make sure banks have liquidity so they can lend" but at the same time ensuring they do not become a burden to taxpayers should they run into difficulties.

He said there are "big concerns" with regulators' authority because the administration doesn't want to support a too-big-to-fail policy.

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