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Mnuchin: Trump's corporate tax rate goal may not be achievable

12 September, 2017, 20:25 | Author: Jeff Stephens
  • Mnuchin hopes scrapping state deductions won't make some taxpayers owe more

U.S. President Donald Trump's goal of chopping the corporate tax from 35 percent to 15 percent could be unachievable, said U.S. Treasury Secretary Steven Mnuchin on Tuesday.

"I think public/private partnerships on cyber is critical, as this is not something that the private sector can do alone and it's not something the government can do alone", Mnuchin said Thursday in NY from the Delivering Alpha conference, presented by CNBC and Institutional Investor.

Mnuchin said he doesn't know if he can achieve the Trump administration's goal to lower the corporate tax rate to 15 percent. "And what's more important is making sure we have a competitive system". "Passing tax reform, which hasn't been done in 31 years, that's a win".

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At a CNBC "Delivering Alpha" event, Mnuchin said the Trump White House was "super focused" on reform, particularly now that a deal to fund the government through December was made last week.

Mnuchin said on Tuesday that he hopes tax-reform legislation is bipartisan, but that Republicans are prepared to use reconciliation if a bill won't be able to get the 60 votes in the Senate needed to overcome a filibuster.

"We're going to get this done by the end of the year", said Mnuchin.

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Steve Mnuchin to Wall Street: Time to pay up.

The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details. Academics who have studied the issue say the figure could be much higher, $180 billion. "I can assure you that we are working with all of the intelligence agencies on cyber issues to keep Americans safe".

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