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

Treasury Secretary Steven Mnuchin said in a Bloomberg TV interview Wednesday that the administration's “strong preference” is for the relief to start in 2018. Still, Mnuchin declined to say that a phase-in of corporate tax cuts was completely off the table. The House GOP tax bill calls for an immediate corporate cut to 20%.

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

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