The Senate tax bill will delay the corporate rate cut to 20%until Jan. 1, 2019, according to Sen. Bill Cassidy, aLouisiana Republican. The move would defy President Donald Trump'sinsistence that the cut from its current 35% rate take effectimmediately.

Treasury Secretary Steven Mnuchin said in a Bloomberg TVinterview Wednesday that the administration's “strong preference”is for the relief to start in 2018. Still, Mnuchin declined to saythat a phase-in of corporate tax cuts was completely off the table.The House GOP tax bill calls for an immediate corporate cut to20%.

“The longer we wait, the worse it is for the economy and makingcompanies competitive,” Mnuchin said.

The Senate bill will also keep all seven tax brackets, Cassidysaid. It doesn't keep the top rate at 39.6%, he said. The Housebill condenses seven income tax rates to four, with a top rate of39.6% for those earning more than $1 million.

The new top individual tax rate in the Senate plan is to bedetermined, according to Sen. Rob Portman, an Ohio Republican.Asked whether the bill includes a repeal of state and local taxdeductions, Portman said that was still being discussed.

From: Bloomberg News

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