U.S. Treasury Secretary Steve Mnuchin said the plan for “the biggest tax cut” in U.S. history due to be released later on Wednesday by the White House would cut the business tax rate to 15 percent, including for small businesses.
“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said at a news forum in Washington.
The Treasury secretary did not set a specific goal for when he wants a tax bill to pass, but said “we want to move as fast as we can,” CNBC reported.
He said the White House wants a “combined plan” with the House and Senate, which could potentially clash with the administration over some provisions.
“I think it’s clear that the House, the Senate and the administration are all on the same page,” Mnuchin said.
Mnuchin and White House chief economic advisor