Steven Mnuchin, President-elect Donald Trump's choice for Treasury Secretary, arrives at Trump Tower, in New York, Wednesday, Nov. 30, 2016. (AP Photo/Richard Drew)
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U.S. Treasury Secretary-nominee Steven Mnuchin outlined an economic agenda aimed at almost doubling the growth rate of the current expansion, saying he will boost jobs by making tax reform his overriding priority. Mnuchin, speaking Wednesday on CNBC alongside Wilbur Ross, the billionaire investor who is President-elect Donald Trump's pick to be commerce secretary, said tax cuts for businesses and the middle class, fewer regulations, infrastructure investment and bilateral trade deals can help the world's largest economy achieve 3 percent to 4 percent growth. Mnuchin said his plan involves reducing the corporate tax rate to 15 percent – from the current 35 percent – echoing an idea Trump pledged to deliver during the campaign. Mnuchin said he wanted to bring "a lot of cash back to the U.S.," proposing a one-time 10 percent repatriation tax to return corporate tax revenue held abroad, another key promise by Trump.Mnuchin also said the Trump administration will work "reasonably fast" to overhaul housing finance. At the Treasury, Mnuchin will be in charge of financing the nation's debt.
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