He confirmed that Trump would propose cutting corporate taxes from the current rate of 35 percent to 15 percent and said the administration wanted to cut taxes for individuals, as well. The Treasury secretary said economic growth of 3 percent would make up for any shortfall in tax revenue created by whatever the ultimate tax cuts may be. The Treasury secretary said the 15 percent business tax rate would apply to small firms and so-called “pass-through” companies, but insisted that the ultimate policy would not serve as a “loophole” for rich people to lower their tax rate. During the presidential campaign, Trump was dogged by questions surrounding his 15 percent business tax rate, which conflicted with his pledge to raise taxes on hedge funds and private equity firms. “The president is determined that we will have tax reform,” Mnuchin said.

Source: Huffington Post April 26, 2017 14:03 UTC