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