Treasury Secretary Steven Mnuchin on Thursday said the White House is working on a new round of tax cuts, confirming President Donald Trump's remarks earlier in the week that a proposal will be released within 90 days.

Speaking Thursday morning from the World Economic Forum's annual gathering in Davos, Switzerland, Mnuchin told CNBC that Trump "has asked us to start working on what we call 'Tax 2.0.'" Mnuchin's remarks come just a few months out from what is expected to be a contentious presidential election in November.

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