Pass-through businesses to see cuts under tax plan: Steven Mnuchin

by | Nov 17, 2017 | peopleNews

WASHINGTON (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.

U.S. Treasury Secretary Steven Mnuchin speaks during a moderated discussion before the Economic Club of New York, in New York City, U.S. November 9, 2017. REUTERS/Brendan McDermid

“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

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