Treasury Secretary Steven Mnuchin On Tax Reform, Stock Market

Mnuchin was asked if he views the stock market trading at a historical all-time high is a valid barometer of the administration's success. His answer was "absolutely," and the Trump rally demonstrates "what the market things."

But what if the market were to pull back?

"I've always been focused on the markets on not day trading and where they are day to day," Mnuchin said. "So, whether the market goes up or down on any given day. I've given up figuring out why that is."

Border Tax, Tax Reform

Shifting to the hot-topic of the proposed border tax, Mnuchin acknowledged he is "looking at it." So far, the proposal is still being drafted and has several "interesting aspects" but also "some concerns." Image Credit: By United States Treasury Department - Department of Treasury, Public Domain, via Wikimedia Commons

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In the meantime, the Trump administration is reaching out to small, medium and large businesses to better address their concerns before a plan is finalized.

In terms of a vague tax reform, Mnuchin said the leadership is "very focused" and "committed to get tax reform done by August recess."

"We are primarily focused on middle-income tax cut and simplification," Mnuchin added. "We will come out with a plan and how income distribution will affect people."

Finally, the ultimate economic objective is to boost the economy so that it can achieve a sustainable growth rate of 3 percent or more.