Economy

US Treasury chief sees 'competitive' corporate tax rate

US Treasury chief sees 'competitive' corporate tax rate”

Treasury Secretary Steven Mnuchin amped up expectations of tax reform before the year is out on Tuesday morning, even bringing up the possibility of backdating changes to January 1.

When asked at the Delivering Alpha conference, Mr. Mnuchin said backdating is "something we are considering" and that "it would be a big boon for the economy".

Treasury Secretary Steven Mnuchin said the Trump administration is considering plans to backdate changes to the US tax regime to the start of the year.

"I don't know if we'll be able to achieve that, given the budget issue", Mr. Mnuchin said.

The Trump administration has repeatedly said that its plans to reform the tax code would not cut income taxes for top earners. Congress and the White House have not yet released a tax overhaul plan but are working this month to prepare legislation.

"The president has made it very clear that for hedge funds, they will not have the benefit of carried interest", Mnuchin told a roomful of hedge fund executives meeting at a hotel in Manhattan.



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