Mnuchin: ‘Our Objective Is to Make U.S. Businesses the Most Competitive in the World’

EXCERPT:

MNUCHIN: "As Gary said, we’ve been working on this plan for a very considerable period of time. Our objective is to make U.S. businesses the most competitive in the world. Right now, we have a 35 percent corporate rate on worldwide income and deferral. It is perhaps the most complicated and uncompetitive business rate in the world. Not a surprise that companies leave trillions of dollars offshore. Under the Trump plan, we will have a massive tax cut for businesses and massive tax reform and simplification. As the President said during the campaign, we will lower the business rate to 15 percent. We will make it a territorial system. We will have a one-time tax on overseas profits which will bring back trillions of dollars that are offshore to be invested here in the United States to purchase capital and to create jobs. The President is determined to unleash economic growth for businesses."