Treasury’s Mnuchin: Trump’s proposed corporate tax rate ‘not negotiable’

US Treasury Secretary Steven Mnuchin deemed the tax rate as non-negotiable. — Reuters picUS Treasury Secretary Steven Mnuchin deemed the tax rate as non-negotiable. — Reuters picWASHINGTON, Sept 28 — US Treasury Secretary Steven Mnuchin said today that President Donald Trump’s proposal for a cut in the corporate income tax rate to 20 per cent was “not negotiable.”

“The president’s number one issue that is not negotiable is 20 per cent corporate taxes,” Mnuchin said at an event hosted by The Atlantic in Washington.

Yesterday, the Trump administration unveiled the biggest US tax overhaul in three decades, but the plan prompted criticism that it favors cutting taxes for business and the wealthy.

It included lowering the corporate income tax rate and implementing a new 25 per cent tax rate for pass-through businesses such as partnerships to boost the economy. — Reuters



Source: The Malay Mail Online

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