Set Phasers to Stun: Corporate Tax Cuts May Be Delayed Under Phase-in Plan
Posted on Oct 31, 2017 in News
An unnamed member of the House Ways and Means Committee stated Monday that the Committee is discussing a phase-in plan for the corporate tax-rate cut. In response, Kevin Brady, Chairman of the House Ways and Means Committee, said only that the Committee preferred an option with no phase-in. Both President Trump and Treasury Secretary Steve Mnuchin also expressed their preference for an immediate tax cut. The proposed phase-in plan would reduce the corporate tax rate to an ultimate rate of 20% by reducing the rate by 3% a year over 5 years beginning in 2018, and would be less costly compared to an immediate tax cut.
Read more: House Panel’s Talk of Phased-In Tax Cut Counters Trump’s Wishes