Trump preference for interest deduction could slow tax bill
Interview published this week exposes new disconnect between White House and Republicans in Congress
President Trump and US Treasury Secretary Steven Mnuchin revealed more discord between White House and Congressional Republican tax visions in an interview published by the Economist on Thursday.
When pressed on whether the White House would keep interest deductions in the corporate tax, Steven Mnuchin said only that the administration is “contemplating keeping it. That’s our preference. But we’ll look at everything.”
Taking note of House Speaker Paul Ryan’s preference for eliminating interest deductibility, Bloomberg reported that the White House’s desire to keep it opens a new fissure between Congress and the White House. The administration has already taken issue with the House Republican’s tax plan’s border-adjusted tax provision.