Mnuchin Admits 15 Percent Corporate Rate Unlikely


However, Mnuchin did back off Donald Trump's pledge of a decrease in the corporate tax rate to 15% and said it may not be able to be achieved "given the budget issue".

"We could have done a one-year deal on the debt ceiling", Mnuchin said at the " Delivering Alpha " conference presented by CNBC and Institutional Investor.

"We're going to get this done by the end of the year", said Mnuchin.

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.

"I'm hopeful in these states that taxes don't go up", Mnuchin said.

House Speaker Paul Ryan, who insisted on a revenue-neutral approach on tax reform, said last week that Trump's goal of lowering the corporate tax rate to 15 percent would be hard to achieve. Instead, Ryan said a number in the low-to-mid 20s is more realistic.

More news: Bob Jones University Ranked in US News & World Report Rankings

Most Senate Democrats have said they won't support a tax bill that cuts taxes for people in the top 1 percent of income.

It was clear on Tuesday that many important decisions have not been made.

Mnuchin said that Republicans plan to eliminate the state and local tax deduction, so there won't be a tax cut for people in high-tax states such as NY and California.

Mnuchin and National Economic Council Director Gary Cohn are scheduled to meet with congressional leaders later Tuesday to discuss the Republican tax cut plan.

Economists have long called for a lower corporate tax in the United States, which is the highest among OECD countries.