Treasury Secretary Steve Mnuchin said Sunday that the federal government had to prioritize creating permanent tax cuts for corporations over those for individuals in the GOP tax plan, reports The Hill.
Host Chris Wallace challenged Mnuchin, saying he doesn’t know what factors will face America in 2025 or whether Congress would extend the tax cuts for individuals at that point.
“I don’t know that. Maybe I’ll be working for President Pence at the time, but I don’t know that,” Mnuchin said on “Fox News Sunday.”
“We’ll know by then whether this creates growth or not. If it does, we’ll have an incredible economy… if it doesn’t, Congress will deal with it at the time,” he added.
A modified version of the Senate tax bill released last week shows that individual tax cuts would expire in 2025 while a corporate tax cut would be permanent.
Mnuchin argued that permanently lowering the corporate tax rate from 35 percent to 20 percent is necessary “because we’re changing from an international system to a territorial system.”
“Nobody thinks that’s going to be the case,” he said of the individual cuts expiring in 2025. “Of course Congress is going to vote down the road to keep these cuts.”