U.S. Treasury Secretary Steven Mnuchin has confirmed that the tax plan the Trump administration will outline Wednesday afternoon will call for a 15% corporate rate.
Mnuchin — who declined to go into many specifics about the proposal — told the media the plan would be "the biggest tax cut and the largest tax reform in the history of our country." The secretary did not set a specific goal for when he'd like to see a tax bill to pass, leaving it at the remark "we want to move as fast as we can."
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 plan — at a briefing later today. 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.
When Trump proposed a 15% corporate tax rate as a candidate, analyses of the proposal estimated that it could add as much as trillions to the national debt. It is unclear what the current proposal would do to raise revenue to offset those major cuts, and Mnuchin declined to say Wednesday how specifically the administration would pay for the 15% rate.
