Treasury Secretary vows ‘biggest tax cut’ in US history, confirms plan to slash corporate rate

(Fox News) – Treasury Secretary Steve Mnuchin confirmed Wednesday that the Trump administration aims to lower the corporate tax rate to 15 percent, saying a forthcoming proposal will constitute the “biggest tax cut” for Americans in history.

“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said, as administration officials prepare to outline Wednesday afternoon what he described as “principles” of their tax plan.

Mnuchin, speaking at a Washington forum hosted by The Hill, would not reveal many specifics but confirmed that they want to lower the corporate rate to 15 percent, from 35 percent.

“I will confirm that the business tax is going to be 15 percent,” he said. “[Trump] thinks that’s absolutely critical to drive growth.”

He said small businesses would benefit from that.

Mnuchin also said the administration wants to “do the whole thing,” and not pursue tax reform piece by piece. Amid concerns that such sweeping tax cuts would significantly reduce revenue for the government, he suggested economic growth will help pay for the plan.

The administration reportedly also wants to cut the top rate for small business owners to 15 percent from 39.6 percent.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

3 comments

  • George

    Big business small business and just the working people want services from all governments but they do not want to pay for them, people, you can not have both, if you want a strong military, or any state or local entries, you have to pay taxes in order to have these services. Yes the tax system has to be adjusted, but not cut like this IDIOT POTUS wants and the rest of his fellow idiots want. Just adjust the system to be fair to ALL

  • Chris

    Now we know bosses will have extra money for cost of living increases at review time. Businesses will be motivated to hide as much money as they can with taxes going off company income instead of personal income. If you are a new business and don’t draw a paycheck you have to now pay taxes off company income.