Published: Tue, September 12, 2017
Business | By Max Garcia

Mnuchin: Trump's corporate tax rate goal may not be achievable

Mnuchin: Trump's corporate tax rate goal may not be achievable

"And what's more important is making sure we have a competitive system".

Treasury Secretary Steven Mnuchin said the Trump administration is considering plans to backdate changes to the USA tax regime to the start of the year. The administration has planned to pass a tax overhaul with only Republican votes.

"I'm hopeful that they'll get a slight decrease in federal government [taxes] which will offset what they will lose on the state deductions", Mnuchin said of taxpayers who benefit from state deductions.

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

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 White House and GOP lawmakers have said they want to lower tax rates for both corporations and "pass-through" businesses whose income is taxed through the individual code.

"I can't speak to the specifics", he said at the CNBC Institutional Investor Delivering Alpha Conference in NY, when asked about the matter.

During the presidential campaign, Trump called for ending the "carried interest" tax break that benefits investment-fund managers - a tax break that Democrats would also like to see eliminated.

The Treasury secretary said the administration still wanted the carried interest break to be available to "other entities that create jobs".

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