Office of Management and Budget Director Mick Mulvaney said Thursday on Fox News that the Trump administration is pushing for the lowest possible corporate rate for Americans, calling the economic plan "MAGAnomics."
"Fox and Friends" co-host Steve Doocy pointed out that while campaigning, President Donald Trump said he wanted to lower the corporate tax rate to 15 percent.
"Now it sounds like it's in the lower 20's. What's going on with that, Mick?" Doocy asked.
Mulvaney said the politics is "the art of possible" and that the Trump administration is not giving up on the 15 percent rate.
"I would love to see a 15 percent rate. I would love to see less, but the truth of the matter is that we are still pushing for that lowest possible corporate rate we can. Why? The Democrats will say it's a give away to big business. It's not. We are trying to get back to a healthy American economy," Mulvaney said.
Mulvaney went on to define a healthy economy as 3 percent growth, and said that the administration introduced the term "MAGAnomics" to apply to its tax reform plan.
"To have [a healthy economy], you have to have a lot of capital investment. You have to make people more productive and that means businesses need to invest more and that's what we're shooting for on tax reform," Mulvaney said. "That's the method behind the madness. That's what we're trying to get to to where folks can go back to work in a health American economy for the first time in more than 10 years."
"Did you say MAGAnomics as in 'Make America Great Again' nomics?" Doocy asked.
Mulvaney said that it was, and reverted back to Reaganomics as a model for their plan.
"It's our version of Reaganomics," Mulvaney said. "You go back and you look at what [Ronald] Reagan did in the 80's and the challenges they faced. They came up with a list of four or five things they want to do. We looked at the challenges that we face."
"We talk about regulatory reform, we talk about tax reform, we talk about health care reform, we talk about all the things that we are doing, energy dominance. Those things all tie together in this concept of MAGAnomics. It's 'Make America Great Again' economics and it is what's striving everything we do," Mulvaney added.
Mulvaney said that the tax reform proposal will be released early in the fall.