"Largest tax change since Reagan" to be introduced by treasury nominee Mnuchin

Steven Mnuchin has said that he will bring the "largest tax change since Reagan," to the United States after it became clear that he would be president-elect Donald Trump's choice for Treasury secretary.

The former Goldman Sachs partner said that the cuts would come into place for average income earners as well as businesses located in the US.

Mnuchin is widely expected to be confirmed as the new Treasury secretary when Trump moves into the White House on 20 January next year, despite previous claims from the victorious candidate that he was going to "drain" Washington of such links with Wall Street.

"There will be a tax cut for the middle class," Mnuchin told CNBC on Wednesday. "Any tax cuts that we have for the upper class will be offset by less deductions to pay for it."

The former banker and film producer added that proposed changes would include a cut in the nation's top business tax rate from 35% to 15%, as well as a special rate of 10% given to those companies who move overseas funds back into US entities.

"We think by cutting corporate taxes we'll create huge economic growth and we'll have huge personal income, so the revenues will be offset on the other side," Mnuchin said in the interview.

He also said that he hoped the taxes changes would be one of the main instigators of improved economic growth over the next decade.

"I think we can absolutely get to sustained 3% to 4% GDP. And that is absolutely critical to the country," Mnuchin said. "To get there, our No. 1 priority is tax reform. This will be the largest tax change since Reagan."