Reuters logo
U.S. Treasury chief: Pass-through businesses to see cuts under tax plan
November 17, 2017 / 1:20 PM / 25 days ago

U.S. Treasury chief: Pass-through businesses to see cuts under tax plan

WASHINGTON, Nov 17 (Reuters) - The majority of small businesses and non-corporate enterprises known as “pass-throughs” would see a significant tax cut under the Republican tax plan, U.S. Treasury Secretary Steven Mnuchin said on Friday.

“Ninety-eight percent of the number of pass-throughs have $500,000 or less of income ... those people will get substantial reductions,” Mnuchin said in a CNBC interview after a key Republican senator earlier this week objected to the current plan over the issue.

On Thursday the House of Representatives approved a broad package of tax cuts. (Reporting by Katanga Johnson; Editing by Susan Heavey and Bill Trott)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below