WASHINGTON: A sharp cut in US corporation tax is to be a priority for the new Trump administration, underlining the huge challenges which Ireland will face in attracting inward investment in future. Steven Mnuchin, named by US president-elect Donald Trump as treasury secretary, said that the new administration’s “number one priority” would be tax reform, involving a sharp cut in personal and corporate taxes.
The corporate tax rate would be cut from 35 per cent to 15 per cent – as promised during the election campaign, Mr Mnuchin said,.
“By cutting corporate taxes, we’re going to create huge economic growth and we’ll have huge personal income,” he said in an interview with CNBC. “We’re going to get to 15 per cent and bring a lot of cash back into the US.”
