In a memo, the Treasury Department outlined some of the ways in which the government could support the $1.2 trillion infrastructure bill that Congress is working on to create a new tax code.
The president has also been pushing for a tax reform bill to reduce the corporate tax rate to 15 percent, which would help spur economic growth and boost the economy’s long-term competitiveness.
But the White House says that tax reform will likely require additional tax breaks for the wealthy, as well as a significant tax cut for individuals, and it’s unclear if those incentives are enough to create an economy that’s more productive and resilient than it is now.
“The infrastructure bill will provide a way to create the kind of growth that the president has sought for many years,” Treasury Secretary Steven Mnuchin wrote in the memo, according to The Hill.
“In order to be a success, this bill will need to create jobs, raise wages, and provide relief for those who are hurting the most.”
Mnuchin’s memo doesn’t give details on what those jobs would be or the amount of relief the bill will offer.
But it suggests that the infrastructure bill could provide “a way to generate jobs and boost wages, including by expanding access to high-wage, high-skill training and training in low- and moderate-wage occupations,” according to the Washington Post.
It also suggests that it would be important to include “additional tax breaks that would incentivize businesses to hire new, higher-paying employees and reduce their reliance on low-wage workers.”
The Trump administration also says that the bill could help ease the burdens on Americans suffering from chronic health conditions, which the White “strongly supports” and that it believes “is a critical priority for the American people.”
It also wants to create incentives for businesses to move jobs overseas, which could help boost the U.S. economy.
“To that end, the administration will work with Congress to craft an infrastructure package that would expand the tax benefits available to individuals and businesses,” the memo said.
“As part of the package, the president will also work with members of Congress to ensure that the legislation creates incentives for business to relocate their operations abroad, so that more jobs can be created in the United States.”
The administration is also hoping to pass a bill that would make it easier for businesses with a minimum of $1 billion in annual revenue to file their tax returns.
But a recent report by the nonpartisan Tax Policy Center, which was funded by the Trump administration, says that, despite some of its promises, the bill does not include any provisions that would help make the tax code fairer or more effective.