Treasury Secretary Steven Mnuchin said Tuesday the president is determined to follow through on his campaign promise to help the armed services and veterans.
At the Delivering Alpha conference presented by CNBC and Institutional Investor, Mnuchin reiterated that the White House wants to scrap state and local tax deductions. Trump pushed the Congress on August 30 to pass a comprehensive measure to overhaul the USA tax code.
"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said.
He said the Trump administration will release a more detailed tax reform plan by the end of September.
Death toll of terror attack in Egypt's Sinai rises to 18
Police said they killed 10 fighters in two simultaneous raids on apartments in a densely populated Cairo neighbourhood. The officials spoke on condition of anonymity because they were not authorised to brief media.
Tax reform was a key campaign point in Trump's presidential bid, where he promised to cut personal income taxes, slash corporate rates and offer a one-time repatriation tax in an effort to sway companies into returning cash parked overseas back to the US.
"I don't know if we'll be able to achieve that given the budget issues". He hopes to lower the top individual tax rate slightly to offset the elimination of the deduction so that residents of high-tax states don't see a tax increase. The major hurdle is how to fund the cut.
"We're going to get this done by the end of the year", Mnuchin said, adding that the administration is "super focused" on the goal following the three-month debt limit and government funding extension passed last week.
Pressed on whether lowering the corporate tax rate to the mid-20s would be acceptable, Mnuchin demurred, but he said that simply passing tax reform would be a "win".