Tags: Trump Administration | Mnuchin | Business | Tax | Rate | Trump | Tax

Mnuchin Promises 'Biggest Tax Cut and Largest Tax Reform in History'

Wednesday, 26 April 2017 09:32 AM

U.S. Treasury Secretary Steve Mnuchin said the plan for "the biggest tax cut" in U.S. history due to be released later on Wednesday by the White House would cut the business tax rate to 15 percent, including for small businesses.

"This is going to be the biggest tax cut and the largest tax reform in the history of our country," Mnuchin said at a news forum in Washington.

The Treasury secretary did not set a specific goal for when he wants a tax bill to pass, but said "we want to move as fast as we can," CNBC reported.

He said the White House wants a "combined plan" with the House and Senate, which could potentially clash with the administration over some provisions.

"I think it's clear that the House, the Senate and the administration are all on the same page," Mnuchin said.

Mnuchin and White House chief economic advisor Gary Cohn are expected to go into more detail about the plan — which appears to largely resemble President Donald Trump's campaign pledge — at a briefing later in the day.

Mnuchin had set a goal of passing the first tax reform since 1986 by August, but the White House has recently backed off that deadline, signaling it wants to pass a plan by the end of the year.

He said there was fundamental agreement between President Donald Trump's administration and the Congress on the goals of the tax reform, and the details would be worked out.

Separately, House of Representatives Speaker Paul Ryan said he had seen a "sneak preview" of the plan.

"We like it a lot, it puts us on the same page, we’re in agreement on 80 percent and on the 20 percent we’re in the same ballpark," Ryan said. 

(Newsmax wires services contributed to this report).

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Economy
U.S. Treasury Secretary Steve Mnuchin said the plan for "the biggest tax cut" in U.S. history due to be released later on Wednesday by the White House would cut the business tax rate to 15 percent, including for small businesses.
Mnuchin, Business, Tax, Rate, Trump, Tax, Plan
299
2017-32-26
Wednesday, 26 April 2017 09:32 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved