Culture

Trump Treasury Secretary Steven Mnuchin Promises The ‘Biggest Tax Cut’ In History (For Corporations)

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Treasury Secretary Steven Mnuchin, the same man whose name adorns the end credits sequence of Suicide Squad as an executive producer, confirmed a few pertinent aspects of President Donald Trump’s tax reform plan Wednesday morning. He didn’t comment publicly on the measure’s “vastly reduced” 15 percent business tax rate for corporations, which the New York Times reported on Tuesday, but he did take a page from his boss’s tax returns-less playbook while discussing their plans.

“We want to make business competitive,” Mnuchin told the audience at an event hosted by The Hill. “We want to simplify the personal tax system, lower taxes and create economic growth. So this is going to be the biggest tax cut and the largest tax reform in the history of our country.”

These talking points notwithstanding, Mnuchin didn’t dive into the minutiae of the tax plan during his time on stage. According to CNBC, he and White House chief economic advisor Gary Cohn will discuss these matters and more during a White House press briefing scheduled for 1:30 p.m. ET later today. Per the Times‘ Tuesday report, however, said details are expected to include the 15 percent corporate tax rate Trump championed throughout his presidential campaign. A tax rate that would largely benefit major corporations, of course, but also “companies that now pay taxes through the personal income tax code — from mom-and-pop businesses to [Trump’s] own real estate empire.”

As problematic as this last point may seem, the Times‘ sources also claimed Trump’s tax plan would “increase the standard deduction for individuals” and “[simplify] the process of filing tax returns.” Unsurprisingly, these aspects of the proposal are the most controversial ones among Republicans and business professionals familiar with the details. Mainly because, as the Times report notes, the popular deductions (like the one for mortgage interest) may have to be eliminated to achieve Trump’s “politically risky pursuit.”

(Via CNBC and New York Times)

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