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.
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