Tags: Trump Tax Reform | steve mnuchin | tax plan | growth | focus | expensing | right away

Mnuchin: Senate Tax Plan Allows Corp. Expensing to Kick in 'Right Away'

Mnuchin: Senate Tax Plan Allows Corp. Expensing to Kick in 'Right Away'
Treasury Sec. Steve Mnuchin (Kena Betancur/Getty Images)

By    |   Sunday, 12 November 2017 12:31 PM

The tax bills in the House and Senate have the “absolutely same objectives,” despite the upper chamber's plan to postpone the cut in the corporate tax rate, Treasury Secretary Steven Mnuchin said Sunday.

In an interview on CBS News’ “Face The Nation,” Mnuchin said the Senate plan would allow “expensing to kick in right away.”

The Senate is expected to delay until 2019 the cut in the corporate tax rate, breaking with legislation in the House and the wishes of President Donald Trump. The House bill would cute the corporate tax rate from 35 percent to 20 percent next year.

“The good news is both the House and Senate bill have the absolute same objectives,” Mnuchin declared.

“One of the things that's very important is, even if they don't kick in, expensing will kick in right away, so companies will be able to take advantage of expensing at a higher tax rate,” he said.

Mnuchin also dismissed worries that tax cuts would be adding to the debt and deficit, but conceded “the president is concerned about the debt.”

“But our number-one focus right now is on growth,” he said. “If we can create 3 percent or higher sustained economic growth, that's over $2.5 trillion of additional revenue to the government, $10 trillion of additional revenue to the economy. And that's what's critical to the American public.”

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The tax bills in the House and Senate have the "absolutely same objectives," despite the upper chamber's plan to postpone the cut in the corporate tax rate, Treasury Secretary Steven Mnuchin said Sunday.In an interview on CBS News' "Face The Nation," Mnuchin said the Senate...
steve mnuchin, tax plan, growth, focus, expensing, right away
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2017-31-12
Sunday, 12 November 2017 12:31 PM
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