September 5, 2017

President, Treasury Secretary Discuss Tax Reform Priorities

President Donald Trump gave a major speech on tax reform last week in Missouri. The president offered few details on the White House’s reform plan, but argued, “If we want to renew our prosperity, and to restore opportunity, then we must reduce the tax burden on our companies and on our workers.”

The same day that the president spoke, U.S. Treasury Secretary Steve Mnuchin said the White House and congressional leaders soon will release a detailed tax plan. The secretary said the White House still is focused on cutting the corporate rate from its current 35 percent level to 15 percent. (Most analysts believe it’s more likely policymakers will focus on a cut to 20 percent, or 25 percent.) The secretary cautioned that the upcoming outline still will not specify “every single detail.” He also “reiterated” President Trump’s statement “that tax breaks other than those for charitable contributions, mortgage interest and retirement savings could be curtailed.”

The Metals Service Center Institute outlined its priorities for tax reform in comments to the U.S. Senate Finance Committee in July.  Click here to read more.