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Trump Treasury Pick Promises Tax Reform In First 90 Days

Steven Mnuchin promised the “biggest tax reform since Reagan” in the first 90 days of a Trump presidency.

On Wednesday’s “Mornings with Maria [Bartiromo],” President-elect Donald Trump’s brand new selection for Treasury secretary put down a big marker.

A partial transcript:

STEVEN MNUCHIN: “This is going to be something that happens absolutely within the first 90 days of this presidency: we’re going to have a major tax reform. Biggest tax reform since Reagan. And it’s not just going to be a cut in corporate taxes, but it’s also gonna be a very large middle income tax cut that’s going to help this country.”

Mnuchin may be referring to President Ronald Reagan’s 1986 tax reform bill, which “raised the maximum tax rate on long-term capital gains to 28 percent from 20 percent at the same time it reduced the maximum rate on ordinary income to 28 percent from 50 percent.”

Trump’s current tax plan would collapse the seven individual rates into three (12%, 25%, and 33%), and lower corporate tax rates.