While waiting for the White House to officially present the tax reform proposal to Congress, Treasury Secretary Steven Mnuchin confirmed some of the rumors circulating in the newspapers. In particular, speaking at an event in Washington, he explained that the plan includes the reduction of the corporate rate to 15%, from the current 35%.
The scissor cut is superior to those proposed by previous administrations: Barack Obama had assumed a reduction to 28%, while in 2014 the Republicans had talked about 25%. Mnuchin, who anticipated that President Donald Trump is 'close to appointing' a Federal Reserve vice chairman with responsibility for financial matters, explained that Trump's tax reform 'will have a broader scope than the Dodd Frank Act', the reform of the finance desired by his predecessor Barack Obama.
