White House says it's hopeful for tax bill by year's end

Randolph Lopez
September 13, 2017

Democrats have also been deeply skeptical of the Trump administration's plans to repeal the estate tax, which it has said has been harmful to family farmers.

"The president is absolutely a Republican", said Mnuchin, pointing out that he's one as well. "But we're going to get this down to a very competitive level", said the Treasury Secretary.

House Speaker Paul Ryan, who insisted on a revenue-neutral approach on tax reform, said last week that Trump's goal of lowering the corporate tax rate to 15 percent would be hard to achieve.

Tax reform was a key campaign point in Trump's presidential bid, where he promised to cut personal income taxes, slash corporate rates and offer a one-time repatriation tax in an effort to sway companies into returning cash parked overseas back to the US.

Pressed on whether lowering the corporate tax rate to the mid-20s would be acceptable, Mnuchin demurred, but he said that simply passing tax reform would be a "win". The top individual income tax rate is 39.6 percent, though Trump and congressional Republicans have proposed cutting it to 35 percent.

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Mnuchin said he would consider including an infrastructure spending bill as part of the tax overhaul legislation.

Mnuchin also repeated that Trump is committed to eliminating the special tax treatment of carried interest-but not for all the investment firms that make use of it. But other firms-"entities that do create jobs", Mnuchin said-may still qualify.

"It was important that the president reached out to Democrats and showed he could get things done on a bipartisan basis", the Treasury secretary said.

"I know this issue is incredibly important to everyone in this room", Mnuchin said to laughs in the crowd, which was full of hedge fund industry executives.

Other reports by GlobalViralNews

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