US treasury secretary promises biggest tax cut in history

US Treasury Secretary Steven Mnuchin says the administration of President Donald Trump will overhaul America’s “very uncompetitive” tax system with what he said would be “the biggest tax cut” in US history.

Trump is proposing to cut the corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought into the United States, Mnuchin said Wednesday during an interview in Washington.

“We want to simplify the personal tax system, lower taxes and create economic growth. This is going to be the biggest tax cut and largest tax reform in the history of our country,” Mnuchin said.

Among the proposals are a reduction in the corporation tax rate from 35 percent to 15 percent, and an easing of tax for small businesses to the same rate.

Mnuchin did not apply a deadline to passing a tax plan but said the White House wants a “combined plan” with the House and Senate.

He also said the Trump administration plans to…

Read more