The White House will release the governing principles for its tax plan on Wednesday, but the details of a complete tax proposal probably won't be ready until June, a senior White House official said Sunday.
"I think what you're going to see on Wednesday is some specific governing principles, some guidance. Also some indication of what the rates are going to be," Mick Mulvaney, director of the White House office of Management and Budget, told Fox News on Sunday.
"I don't think anybody expects us to rollout bill language on Wednesday. In fact, we don't want to do that," he said.
Mulvaney said the Trump administration has not decided whether its tax plan will be revenue-neutral or add to the national debt.
"You can either have a small tax cut that's permanent or a large tax cut that is short-term. I don't think we decided that," he said.
Asked about his previous comments that the complete tax proposal probably won't be released until June, Mulvaney said "that's still probably fair," adding the administration has already started working with the House and the Senate committees to build some momentum for the tax plan.
U.S. Treasury Secretary Steven Mnuchin said Saturday that the Trump administration is planning to bring the high corporate tax rates down and simplify tax codes for individuals.
He noted that the administration will count on the compounding effect of strong economic growth over the next decade to finance the tax cuts.
"We're looking for reforms that will pay for themselves with growth," Mnuchin said at an event Saturday at the International Monetary Fund headquarters, adding the difference of a little over 1 percent of gross domestic product (GDP) over a 10-year period could generate as much as 2 trillion U.S. dollars of revenue in the United States.
However, as the U.S. labor market approaches full employment, many economists are concerned that the Trump administration's tax cuts proposal could increase the federal deficit and push up the national debt.
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