Treasury Secretary Mnuchin calls Equifax breach 'unfortunate'

President Trump has repeatedly called for bringing the corporate tax rate down from its current 35 percent to 15 percent, but on Tuesday, Treasury Secretary Steve Mnuchin acknowledged that may not be possible.

"The president has been very clear that for hedge funds, they will not have the benefit of carried interest", Mnuchin said Tuesday morning.

Equifax announced last week that it learned on July 29 that hackers had infiltrated its systems in mid-May, pilfering names, birthdays, addresses as well as Social Security and driver's license numbers.

"It was important that the president reached out to Democrats and showed he could get things done on a bipartisan basis", the Treasury secretary said.

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Mnuchin framed the issue in terms of the ongoing bartering between the administration and congressional leadership, which most recently produced a deal that raises the debt ceiling and keeps the government operating into December.

Mnuchin said he doesn't know if he can achieve the Trump administration's goal to lower the corporate tax rate to 15 percent. Eliminating those provisions, in general, would affect high-tax blue states like NY and California.

The White House and Congress were said to be working together on the drafting of reform legislation after the Republican party hit by several roadblocks en route to the passing of its proposed tax reform bill. He hopes to lower the top individual tax rate slightly to offset the elimination of the deduction so that residents of high-tax states don't see a tax increase.

(Copyright © 2015. All Rights Reserved.)
 
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