A hall meeting with constituents talking about the tax reform law. You can also follow live on cspan. Org or lift listen on the radio app. Treasury secretary Steve Mnuchin talked to reporters during the daily briefing. He talked about the rollout of the impact on u. S. Workers. This is about 20 minutes. Thank you very much. Let me comment and say that i am pleased that i will be leading the economic delegation. We will have a large group of cabinet members traveling with us. We will get more information on that later. I would like to talk about the withholding tables. Today the Treasury Department released new withholding guidance that will implement the tax cut. Will mean thatce workers and their families will receive larger paychecks starting in february. This has been a massive project we have been working on, beginning to implement the tax plan. There is a lot of work left to be done. This historic legislation doubles the standard deduction, simplifies the filing process, lowers the rate of millions of middle income americans and their family. The irs worked around the clock to meet our important objective to work with the existing forms and. The burdenminimize on employers and Hardworking Taxpayers to get this implemented in february. This is just the first step in a threestep process. This will help provide individuals with certainty so that they are neither over withheld or under withheld and can plan their financial decisions. We have reviewed this very carefully and based upon withholding tables, 70 of taxpayers were withheld so that they had refunds at the end of the year. There will be no material to change in this number. We will encourage taxpayers to use the calculator when it is released. The treasury and irs will Work Together to release a new w4. We expect to release that later in the year. We will be meeting with payroll providers to reflect the new law. The irs will continue to focus on simplification and a userfriendly process. These tables will help to deliver tax cuts as soon as americans ass many possible with as little disruption as possible. This will continue to focus and fuel the growth returning to this country. I would like to highlight the announcement from walmart. They will be increasing their minimum wages and expanding family and if its for over one million employees. They are the latest to make this announcement as a result of the tax cut act. They join over 130 other countries across the nation who relief. Eady given such we are over 2 million workers that have seen special bonuses or additional wages. I am happy to answer any questions. In regards to walmart, does that mean that we can expect movement on the federal behalf to increase minimum wage for everyone . The most important issue is for cut companies to increase their wages. It is an issue for federal government and state. Money. More we believe that 70 of this will be returned to workers. So you believe there should be a federal raise . For those watching, on february 1, will be as withholding tables go into effect . It will definitely be in february. Nextcompanies may have the pay cycle. We are Encouraging Companies to do this as quickly as possible. We are ahead of schedule. What is the point of the combat administration going to replace that is regarded as a hangout for for globalists. We will talk about the America First economic strategy. We are thrilled that the president is coming and what we know is that the economy that is good for the u. S. Is good for the rest of the world. Walmart is a big deal. Walmartthe effort with for them to raise their wages. The whole purpose of the tax cut was to put more money in companies so that they could compete competitively with international companies. We had one of the highest tax rates in the world. We have changed that. This is a revolutionary process. With the number of companies that we see reacting accordingly. With a lotn talking of companies for a long time. You are using an outdated system w4 form for this year. Youll encourage people to go on to a calculator on the irs website to figure things out. Taxes are messy to begin with. How will this not lead to some sort of implementation . I give credit to the team that has been working through the holidays. We had existing technology. We had to figure out how to fit this in this format. The fact that we have been able to keep the same percentage of people that get refunds, we wanted to make sure that people were not over withheld or under withheld. We ran lots of models. That is phase one. As soon as the counted it comes out, it will work with the new tax system. A taxpayer can see if they have the right number of exemptions filed or should they adjust that. We will work on a super thefriendly form that fits new tax system. I want to make sure that we get a lot of feedback as we design that and update this. We update the withholding tables every year. There is more work, but our objective is to get people money as quickly as we can. I just want to be clear. It sounds like you are saying that the administrations policies are partly responsible for the walmart wage rise. In my understanding that correctly . The administrations economic policies are a function of what we see. Different companies will do different things. Some companies will invest capital and others will return money to workers. Lots of things are going on in the economy. Last year the chinese leader talked about isolationism not being a good policy. Is the president going to respond to that line of argument . What is he going to say . I think you have heard a lot of his messages. I expect they will be consistent. We have obviously been very clear with the chinese on the issue that we have with the trade deficit making sure that u. S. Companies can compete fairly. The president will talk a lot about his Economic Program and the impact on the global economy. Can you give us an update on the negotiations over nafta and how concerned is this administration over the fact aat canada recently made complaint and mexico is concerned that this administration will withdraw from nafta . The president and update this morning on trade. Beexpect that will renegotiated. Can you give us an update on this list of russian oligarchs that congress had asked for some time in january . It as we working on speak. It is something we are very focused on. You are predicting that there will not be a great increase decrease in the number of to getn taxpayers refunded. Is that correct . That is correct. Can you address the democrats charge . I think this is another ridiculous charge. That is why a want to make clear that there will not be a change in that number. We have people that have worked very carefully on this area we do not want taxpayers over held so that they own money at the end of the year. Money the people will get , the same number of people will get refunds. We will actively encourage and make sure that taxpayers understand how to go on to the calculator once it is up and running. Sessions soducation that taxpayers are properly without. Are you expecting any new sanctions on iran . I am. We continue to look at them. You can expect that there will be more sanctions coming. Leaders in some states are talking about the impact of the scale back, letting people pay their property taxes in a way that would be charitably nondeductible. Will they try to halt those efforts . From the treasury standpoint, i do not want to speculate on what people will do. I hope that the states are more focused on cutting their budgets and giving tax cuts to their people in their state than they are trying to evade the law. I have a few really quick questions. The debt has gone from 10 trillion to 20 trillion dollars. Of course we are focused on the debt. This tax plan was about economic that will create more revenue for the economy and more tax receipts for the government. What can we expect the National Debt to be by the end of the president s first term . Thathave no answer for right now. You talk about the tax being flatter and the taxpayers benefiting. It would seem that under those circumstances you will eliminate a lot of the deductions, which so many Small Businesses depend on. Inthere really a major cut directions . Have you expect that will play with the Small Business community. This is about tax amplification. I will tell you that on Small Businesses, one of the best features of the tax plan are all the features that go to small and mediumsized businesses. There are tremendous incentives, whether it is the automatic expenses we have heard more good news from Small Business than from the walmarts of the world. Talking about, the impact and benefits most American Workers will see. Day for this be a good the president to release his tax returns so we see how he benefits from the bill . Have you recommended that . I have had this question before while i was appear. I will give you the same answer i gave you last time. I think there is a time of Financial Disclosure that the president has given american people. They voted for him. He is the president. The president will decide what he wants to do. What do you hope to achieve with these additional sanctions on iran. I think the president has been very clear that many aspects of the ibm deal need to be changed and that there are many activities outside the iran deal, whether it is the Ballistic Missiles or other issues that we will continue to sanction. Human Rights Violations we cannot be more focused. We have as many sanctions on iran today as we have on any other country in the process. We will continue to look at things. Up. Ust two quick follow it is related to the democratic charge about the issue that could come up next year. Is there any consideration given to the midterm to ensure the implementation of this in february to give you more time to sort this out . Let me explain. Everys issues tables january. We knew that we were changing the tax bill so it made sense to give time to implement this. Any claims that we are doing this for political issues are ridiculous. Would also make a comment the democrats made some noise about our numbers and tax policy. The Inspector General came out with a report that made very clear that there was no political interference in this. I would hope that the democrats are focused on doing things that are good for the economy and the american people. You talked about the message being consistent. He got elected on this populist form. Im hoping you can ask lane halley takes members of his cabinet, many of whom are wealthy can you explain the consistency . I can assure you that the members of his cabinet have no intentions of going over there and rubbing elbows with anybody. This is about meeting business leaders, about meeting our counterparts. This is about creating jobs and providing Economic Growth for the u. S. There is tremendous investment trade u. S. , tremendous deals going on. I think we have been very clear and the president has delivered. The president is delivering for American Workers. I can assure you it has nothing to do with anything other than that. Mr. Secretary, when it comes to charitable giving, people are worried that the new tax code could limit giving to charities. Do you share that concern . I do not share that concern at all. That richthe list people can give to charities. I will take a question in the back. Will the president decide today on the iran deal to waive sanctions . I will not make any specific comments on that. It is still under discussion. His options. Lating thank you very much, everybody. Announcer on friday, Steve Mnuchin will talk about the economy and the new tax law. Live coverage beginning at 8 25 eastern on cspan three. You can watch live online at cspan. Org or use the free cease app. Adio cspan radio cspans washington journal is live every day with news and policy issues that impact you. Coming up friday morning, watch cspan interview with paul ryan. Majority and thin it is extremely hard to pass things like this. Speaker ryan what i regret the most is that we have yet to when bipartisan consensus all of us know that this is necessary to get our debt deficit under control. Usa today reporter alan gomez on congress and the administrations approach to daca recipients. Holly harris joins us to talk about prison and resentencing reform during the trump administration. A policy reporter for Education Week discusses failing infrastructure in u. S. Schools. Be sure to join us for cspans washington journal, live at 7 00 eastern. Israelilook at the Palestinian Conflict and the u. S. Role after the trump administrations decision to move the embassy to jerusalem