Steven Mnuchin, US Treasury secretary, yesterday pledged the “biggest tax cut in history” as the Trump administration attempts to drive reforms through Congress in the face of sharp differences over details of the package.
Promising to overhaul a “very uncompetitive” tax system, Mr Mnuchin claimed the administration was “on the same page” as Republicans in the House and Senate after briefing them on the plan, which included steep cuts in rates for corporations and small businesses as well as simplification for individuals.
But in a sign of the divisions that have opened up with House speaker Paul Ryan, Mr Mnuchin said that a controversial import tax that is key to congressional Republicans’ plans did not work “in its current form”.
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