Trump officials temper expectations for 15 percent corporate tax rate

Trump officials temper expectations for 15 percent corporate tax rate

President Trump has repeatedly called for bringing the corporate tax rate down from its current 35 percent to 15 percent, but on Tuesday, Treasury Secretary Steve Mnuchin acknowledged that may not be possible. The administration has planned to pass a tax overhaul with only Republican votes.

Carried interest is the share of profits - typically 20%- that hedge fund, private equity, and some other investment managers collect from clients on investments.

The White House and members of Congress are "pretty close to finalizing" a bill and have settled numerous disagreements that divided their effort early in the process, Short said. Mnuchin said the administration was considering backdating tax reform to the start of 2017 and that this could deliver "a big boon" to the economy. They also said the deal gives leverage to Democrats in future talks over the borrowing limit and tax reforms.

Mnuchin added that services firms, especially accounting companies, will no longer have the benefits of a pass-through rate, and will also have to pay a higher income tax rate.




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

Trump broke with Republican leaders last week when he agreed with Democrats to lift the debt ceiling, fund the government for three months and approve $15 billion in disaster aid for victims of Hurricane Harvey.

"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said. "The president wants to increase military spending and that's something he is going to demand for December".

Related Articles

  • Apple Unveils Watch With Cellular Capabilities

    Apple Unveils Watch With Cellular Capabilities

    Samsung pioneered the feature and recently told CNET that half of the watches it sells in the United States have LTE modems. The company's Other Products unit, which includes the Watch, represented 6% of Apple's sales in its most recent quarter.
    Hurricane Katia strengthens to Category 2

    Hurricane Katia strengthens to Category 2

    Jose has winds of 75 miles per hour (120 kph) and is quickly strengthening, but poses no immediate threat to land. Residents observe the levels of the Tecoluca River, in Mexico's Veracruz state, after Hurricane Katia .
    Trump briefed on Irma; Pence going to FEMA headquarters

    Trump briefed on Irma; Pence going to FEMA headquarters

    Irma has forced millions of residents to leave their homes in one of the largest emergency evacuations in American history. Trump also issued a disaster declaration for Puerto Rico on Sunday and expanded federal funds available to the U.S.
  • All Blacks expecting physical, angry South African side in Rugby Championship clash

    All Blacks expecting physical, angry South African side in Rugby Championship clash

    Aaron Smith will be recalled to the starting line-up for New Zealand's Rugby Championship match against South Africa on Saturday. By comparison, the Wallabies and Springboks have 11 each and Los Pumas five.
    Manatees stranded due to Irma

    Manatees stranded due to Irma

    The Bradenton Herald said that people should not attempt to move manatees themselves because they are protected at the state and federal levels.
    Paul Clement surprised by Swansea performance in loss to Newcastle

    Paul Clement surprised by Swansea performance in loss to Newcastle

    They face a Swansea side who also got their first win of the season at Crystal Palace at the end of last month. "Between the four of us we were making a plan of communication and it worked perfectly".
  • Andre Ayew craves for more after West Ham first league win

    Andre Ayew craves for more after West Ham first league win

    Five minutes later, the hosts doubled their advantage through Ayew, who slotted from inside the six-yard area, following a corner. The Hammers were playing their first home game of the season on Monday after having to travel for their opening three matches.
    China cracks down hard on Bitcoin exchanges

    China cracks down hard on Bitcoin exchanges

    The reports have not yet been confirmed as yet and the market awaits any news from the Chinese regulators regarding this. Notably, the ban has yet to be officially announced in China, according to the Wall Street Journal .
    Crane cracks and falls in Miami

    Crane cracks and falls in Miami

    Authorities expressed concern earlier in the week as 25 cranes still stood in Miami during Irma. Officials from the city of Miami say there are more than 20 cranes in downtown Miami right now.
  • Faf: Playing in Pakistan 'bigger than the game itself'

    Faf: Playing in Pakistan 'bigger than the game itself'

    I think this is really a fantastic thing but it should have been organised a long time ago", the Bangladesh star added. He was addressing a press conference on Monday, a day before the start of the historic series with World XI .
    Did referee Jon Moss snub Liverpool's Jurgen Klopp?

    Did referee Jon Moss snub Liverpool's Jurgen Klopp?

    City midfielder Kevin De Bruyne said: "I think the beginning was difficult, the intensity of the first half was very hard". That's when happened then the red card and we can not change it anymore. "You can defend not perfectly and still win 5-0".
    Amanda Nunes Beats Valentina Shevchenko by Split Decision at UFC 215

    Amanda Nunes Beats Valentina Shevchenko by Split Decision at UFC 215

    It was a careful fight with few extended skirmishes until Nunes took Shevchenko to the canvas in the fifth round. The closeness of the first bout and Shevchenko's strength when the fight ended lent intrigue to a rematch.