Effect of backdating

But we're going to get this down to a very competitive level," Mnuchin said.The Treasury secretary also addressed deductions, most of which the administration said it wants to eliminate under its tax plan.

I am sure that from time to time we have all come across the vexed question of backdating documents.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.

Congress and the White House have not yet released a plan but are working this month to prepare legislation.

For example, if a seller had sold his house in December then the seller could have taken advantage of certain tax benefits.

However, he only realizes this in January and so wishes to backdate the document to December.

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Mnuchin said Republicans are prepared to use reconciliation if they cannot reach 60 votes.

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