Mnuchin Admits 15 Percent Corporate Rate Unlikely

Aaron Brown
September 13, 2017

US Treasury Secretary Steven Mnuchin said on Tuesday that the White House was considering backdating its tax reform proposals to 1 January in an effort to boost the nation's economy.

"I can't speak to the specifics", he said at the CNBC Institutional Investor Delivering Alpha Conference in NY, when asked about the matter. "But we're going to get this down to a very competitive level", Mnuchin said.

"I'm hopeful that they'll get a slight decrease in federal government [taxes] which will offset what they will lose on the state deductions", Mnuchin said of taxpayers who benefit from state deductions. But if Republicans want to pass a tax bill through reconciliation to prevent a Democratic filibuster, the legislation can't add to the deficit outside the budget window.

Trump campaigned on the promise of cutting the corporate tax rate to 15%, but Mr Mnuchin said that the goal would be hard to achieve.

ALLCOUNTRY
Mnuchin submitted a written request for a government jet for his honeymoon to Scotland France and Italy

Mnuchin said that Republicans plan to eliminate the state and local tax deduction, so there won't be a tax cut for people in high-tax states such as NY and California.

On Tuesday, Mnuchin insisted that a tax overhaul would happen this year.

Treasury Secretary Steven Mnuchin amped up expectations of tax reform before the year is out on Tuesday morning, even bringing up the possibility of backdating changes to January 1.

President Donald Trump plans an aggressive travel schedule, taking him to as many as 13 states over the next seven weeks, to sell the idea of a tax overhaul as the administration tries to avoid repeating the communications failures of its attempt to repeal Obamacare.

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