WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Thursday that President Donald Trump’s proposal for a cut in the corporate income tax rate to 20 percent was “not negotiable.”
“The president’s number one issue that is not negotiable is 20 percent corporate taxes,” Mnuchin said at an event hosted by The Atlantic in Washington.
On Wednesday, the Trump administration unveiled the biggest U.S. tax overhaul in three decades, but the plan prompted criticism that it favors cutting taxes for business and the wealthy.
It included lowering the corporate income tax rate and implementing a new 25 percent tax rate for pass-through businesses such as partnerships to boost the economy.
Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama