Steve Mnuchin on Tax Reform
Secretary Mnuchin has played a pivotal role in advancing the Administration's economic agenda, including the passage and implementation of its key legislative achievement, the Tax Cuts and Jobs Act. He also leads the Treasury Department's regulatory reform efforts. Secretary Mnuchin is chair of the Committee on Foreign Investment in the United States (CFIUS) and is a member of the National Security Council. He is responsible for using economic tools to combat terrorist financing and other threats to the United States and our allies.
Prior to his confirmation, Secretary Mnuchin was Finance Chairman for Donald J. Trump for President and traveled extensively with the President. He also served as a Senior Economic Advisor to the President in developing his economic agenda.
Testifying before a subcommittee of the House Appropriations Committee, Mnuchin stressed the importance of giving the IRS nearly $400 million annually for fiscal years 2018 and 2019 to help implement the Tax Cuts and Jobs Act.
Since 2010, Congress has cut the IRS budget by nearly $1 billion, and more than 17,000 employees have left the agency. In President Donald Trump's fiscal 2019 budget request, the IRS would see another $100 million decrease in its overall funding.
About $291 million would be spent updating the IRS' IT systems. Another $75 million would go to taxpayer services, a department the Trump administration seeks to shrink by 8.7% and 4,000 employees in FY 2019.
"So when you're cutting taxes across the board, it's very hard not to give tax cuts to the wealthy with tax cuts to the middle class," he concluded.
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