Steven Mnuchin

speaker

76 appearances 1 recordings 1 series first heard Nov 2017 last heard Nov 2017

Steven Mnuchin’s voice in public audio — every appearance, attributed to the second.

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And that's about

One, we want to create a competitive business tax system.

I think as this group knows very well, we have one of the highest tax rates in the world.

We tax on worldwide income, which most people don't do.

We have a crazy concept of if you leave the money offshore, you don't pay taxes.

So it's not a surprise trillions of dollars are sitting offshore.

And the second priority, and again, this isn't in any particular order,

is the president wants us to have middle income tax cuts.

And that's what the House plan is about, and that's what the Senate plan is about.

And I think when you look at them,

There are some minor differences, but the good news is the objectives are exactly the same.

And whatever differences there are, I'm comfortable that we will get them together in the conference process.

No, it's not going up.

I can tell you this is one of the things that the president feels very strongly about.

When we came out and agreed to 20%, we made it perfectly clear 20 is 20, and that's not negotiating to go up.

And in regards to your effective tax rates, I mean, according to our research,

We think the effective tax rates are significantly higher than 20 or in the mid to high 20s.

So this will be a significant tax cut for corporations.

Well, again, in Washington, there's an acronym for everything, and this is now dubbed SALT for state and local taxes.

And as I like to say, I've lived in two of the highest tax states ever, so I'm sympathetic to this.

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