Trump officials temper expectations for 15 percent corporate tax rate

13 September, 2017, 00:43 | Author: Dustin Murphy
  • President Trump

CNBCs Joe Kernen, Becky Quick and Andrew Ross Sorkin interview Steven Mnuchin, the 77th United States Secretary of the Treasury, at the CNBC Institutional Investor Delivering Alpha conference September 12th in NYC. "But we're going to get this down to a very competitive level", Mnuchin said. "If you're a business that's creating manufacturing jobs, you're going to get the benefit of that rate because that's going to be passed through to help create jobs and better wages".

Hedgies typically have their income taxed at a lower "carried interest" rate, since it's considered a share of the company's profits.

Most Senate Democrats have said they won't support a tax bill that cuts taxes for people in the top 1 percent of income.

Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important. White House legislative director Marc Short says its principles for the tax overhaul will be released "in a matter of days, not weeks".

Democratic leaders including Mr. Schumer and Senator Ron Wyden of OR, the ranking Democrat on the Senate Finance Committee, are set to unveil a report on Tuesday finding that eliminating with the estate tax would mostly benefit the wealthiest Americans.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.

Trump last week cut a short-term debt ceiling and government spending deal with Democrats to clear the deck for a major tax bill, but the agreement could complicate tax efforts by sowing doubt among the GOP about its unpredictable president.

"The president is absolutely a Republican", said Mnuchin, pointing out that he's one as well. "But the president wants to raise military spending".


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