Published: Wed, September 13, 2017
World | By Carl Welch

White House 'super focused' on tax reform, says Mnuchin

White House 'super focused' on tax reform, says Mnuchin

A 15 percent corporate tax rate backed by President Donald Trump may not be possible, but businesses will see a "competitive" rate as Republicans push their tax reform plan through Congress, the USA treasury secretary said on Tuesday.

"I'm hopeful in these states that taxes don't go up", Mnuchin said.

"Our goal is to get in the mid-to-low 20s, and we think that that's an achievable goal", he said. "And what the exact number is, we'll see", he said at the CNBC Institutional Investor Delivering Alpha conference.

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.

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. Mnuchin spoke as the national debt crossed $20 trillion for the first time and has increased about 1.1 percent during Trump's time in office. "But we're going to get this down to a very competitive level", said the Treasury Secretary.

The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details.

Congress's Joint Committee on Taxation has estimated that changing the treatment of carried interest could raise about $16 billion over the next decade.

It was clear on Tuesday that many important decisions have not been made. "It is less important to the American people".

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