Sunday, 24 September, 2017

US Treasury chief sees 'competitive' corporate tax rate

President Trump President Trump
Lillian Steele | 13 September, 2017, 00:44

"The president is absolutely a Republican", said Mnuchin, pointing out that he's one as well.

"I don't know if we'll be able to achieve that given the budget issues". "But we're going to get this down to a very competitive level, and the exact number is less important".

"We're going to get this done by the end of the year", Mnuchin said, adding that the administration is "super focused" on the goal following the three-month debt limit and government funding extension passed last week.

Trump also wants to apply the same rate to certain pass-through businesses, such as S corporations and partnerships, which don't pay taxes themselves, but pass their earnings through to their owners, who pay taxes at their individual rates, Mnuchin said.

Hedgies typically have their income taxed at a lower "carried interest" rate, since it's considered a share of the company's profits. Trump may seek more disaster aid Bipartisan bill would force Treasury to put Tubman on bill Judd Gregg: The complex path to tax simplification MORE is defending President Trump's Republican bonafides, which have been questioned after the president struck a fiscal deal with Democrats in Congress.

The Treasury secretary said the administration still wanted the carried interest break to be available to "other entities that create jobs".

Mnuchin also said that he is considering backdating any tax changes to January 1 of this year, which "would be a big boon for the economy".

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

Mnuchin said he would consider including an infrastructure spending bill as part of the tax overhaul legislation.

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