>> They're the Wall Street guns brought in by Donald Trump, for their financial fire power. Former hedge funder Steven Mnuchin, now heading Treasury. Gary Cohn, former President of Goldman Sachs and leveraged buy-out king now Commerce Secretary, Wilbur Ross. All of them now tasked with delivering a win for the President on tax reform, after his healthcare plan went down in flames.
Reporter David Lauter is on the story.>> Whereas the healthcare effort was sort of led by the populist wing of the White House, led by Steve Bannon, this effort is being more led by the Wall Street pro-business faction. These guys are much more out for those interests, sort of trickle-down type theorists, that what's good for business will ultimately be good for the people.
So we'll see how far their view takes them.>> One idea in play is a controversial 20% border adjustment tax on imports. Coupled with a zero tax rate on income from exports. That aimed at cutting trade deficits, while raising a trillion dollars in new revenue over a decade.
While the Wall Streeters have a vision, Lauter says they lack a full staff of technical experts. And that will make it tough going, especially for Mnuchin at Treasury.>> He needs people that have the tax expertise, that can actually make the judgement call. And as one former Treasury tax guy told us, they're the ones that need to really turn the crank on the sausage machine, to start making this tax law go.
>> And while the group may have the financial heft, their lack of political chops could also be a stumbling block, as they try to steer tax reform through Congress after GOP infighting killed healthcare. That breakdown, yet another hurdle for tax reform.>> They're not quite ready to tackle it, because they thought they would still be working on healthcare.
They thought they had time to build up their tax team, but they need a win, so they're gonna plough ahead.>> But if this team can deliver a victory, none of that will matter.>> Not easy.