US Treasury chief sees 'competitive' corporate tax rate

Treasury Secretary Steven Mnuchin arrives at the Capitol for a meeting with Senate Majority Leader Mitch McConnell R-Ky Trump's top economic adviser Gary Cohn and members of the Senate Budget Committee as they struggle with a tax code overhaul Tuesday

The possibility of backdating any tax cuts is a sign that President Donald Trump's plans might face additional delays.

"The president is absolutely a Republican, as am I by the way", Mnuchin said Tuesday at a conference sponsored by CNBC and Institutional Investor Magazine.

Mnuchin said he doesn't know if he can achieve the Trump administration's goal to lower the corporate tax rate to 15 percent.

Trump has yet to sketch out a tax plan with specific changes to rates, income levels or the treatment of business earnings that double as personal income.

"If you earn money that's clearly income, if you're an accountant firm and that's clearly income, you'll be taxed at income rates-you won't be taxed at pass-through rates", Mnuchin said.




Carried interest is the compensation, on.

"The president's been very clear that hedge funds will not have the benefit of carried interest", he said. White House legislative director Marc Short says its principles for the tax overhaul will be released "in a matter of days, not weeks". But if Republicans want to pass a tax bill through reconciliation to prevent a Democratic filibuster, the legislation can't add to the deficit outside the budget window.

Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year.

Democratic leaders including Mr. Schumer and Senator Ron Wyden of OR, the ranking Democrat on the Senate Finance Committee, are set to unveil a report on Tuesday finding that eliminating with the estate tax would mostly benefit the wealthiest Americans. The major hurdle is how to fund the cut. That's one of his main priorities, particularly in the mix of what's going on in North Korea and other areas.

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