White House budget director Mick Mulvaney said Friday that the Trump administration wants the biggest and most aggressive tax reform legislation that can pass.
Mulvaney, formerly a congressman from South Carolina and a House Freedom Caucus member, said passing tax reform by the end of the year is "absolutely doable."
"I'd like to see for example the corporate tax rate at 15 percent. I'm not alone in the administration in wanting that. If we can pass that, that's great," the director of the Office of Management and Budget said on CNBC's "Squawk on the Street."
He also said Republicans are not getting "enough credit" for what was put out Thursday on tax reform. The Republican leadership announced in a joint statement with the White House on Thursday that they would abandon the border adjustment tax to focus on the broader goals of tax reform.
Some Wall Street experts have attributed the promise of tax reform and other pro-business proposals by President Donald Trump as partly the reason for the stock market's gains since the Nov. 8 election.
"That's the only way real tax reform is going to be adopted. It's the only way real tax reform is going to be permanent, and bring stability to the market rather than instability," Hoyer said.
Earlier this month, Mulvaney published an op-ed in The Wall Street Journal on how the Trump administration can achieve its plan for 3 percent GDP growth, which included cutting taxes.
Mulvaney spoke Friday after the Senate blocked the latest Republican attempt to repeal Obamacare in a dramatic floor vote early Friday morning.
"The health-care discussion is very much alive despite the vote last night," he told CNBC, saying senators are still talking and the White House is not giving up.
On Friday, Trump tweeted if Republicans are going to pass future legislation in the Senate, "they must immediately go to a 51 vote majority, not senseless 60..."