Treasury Secretary Steve Mnuchin confirmed Wednesday that the Trump administration aims to lower business tax rates to 15%, saying a forthcoming proposal will constitute the “biggest tax cut” for Americans in history.
“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said, as administration officials prepare to outline Wednesday afternoon what he described as “principles” of their tax plan.
Mnuchin, speaking at a Washington forum, would not reveal many specifics but confirmed that they want to lower the business rate to 15%.
“I will confirm that the business tax is going to be 15%,” he said. “[Trump] thinks that’s absolutely critical to drive growth.”
He indicated that the rate for small businesses and the corporate tax would both drop to 15%. The top small business rate is 39.6%; the current corporate tax is 35%.