Treasury Secretary Mnuchin calls Equifax breach 'unfortunate'

13 September, 2017, 00:42 | Author: Irene Delgado
  • President Trump

"I don't know if we will be able to achieve that, Mnuchin said".

CNBCs Joe Kernen, Becky Quick and Andrew Ross Sorkin interview Steven Mnuchin, the 77th United States Secretary of the Treasury, at the CNBC Institutional Investor Delivering Alpha conference September 12th in NYC.

"What the exact number is less important", he said, adding, "what's more important is making sure we have a competitive system".

President Trump has said that they should get taxed at a higher rate that counts that money as income.

Republicans across the board want to lower the corporate rate, which is now 35 percent, as part of tax reform.

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"These relationships are very important and the relationships with the president are there", he said. The top individual income tax rate is 39.6 percent, though Trump and congressional Republicans have proposed cutting it to 35 percent.

The favorable tax treatment would still be available to other types of companies "that create jobs", he said, though he did not offer details.

While the president is eager for a bipartisan tax deal-and his tax tour will visit states where Democrats hold Senate seats-Mnuchin said that if needed the administration will encourage Republicans to use the reconciliation process to get to 60 votes. 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.

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

On Tuesday, Mnuchin insisted that a tax overhaul would happen this year. "But the president wants to raise military spending".

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