Tax reform

Treasury Secretary Steven Mnuchin is resisting a gradual phase-in of the proposed 20 percent corporate rate out of concern the move wouldn’t boost economic growth as much as he’s anticipated, according to a Trump administration official and another person familiar with Mnuchin’s thinking.

Tax chief Kevin Brady has announced a plan to ‘work through the night’ on the bill.

A hectic, confusing day precedes a late-night bill postponement as the timing of the corporate rate and SALT deductions remain in question.

President Donald Trump said Tuesday that “some people have mentioned” phasing in a proposed corporate tax-rate cut as part of broad tax-overhaul legislation that’ll be released Wednesday, but “we’re not looking at that.”

Paychex found a slight decline in the rate of growth in small jobs and wages in October, according to its latest monthly report.

What to look for in the legislative proposal due out Thursday.

House tax writers have completed about 90 percent of the tax bill they plan to release this week, Ways and Means Chairman Kevin Brady said Monday—but the last part may be the hardest.

Bowing to concerns from Republican House members in high-tax states, the chamber’s chief tax writer said he’ll preserve a federal income-tax break for property taxes.

House tax writers are discussing a gradual phase-in for the corporate tax-rate cut that President Donald Trump and Republican leaders want—a schedule that would have the rate reach 20 percent in 2022, according to a member of the chamber’s tax-writing committee and a person familiar with the discussions.

Cutting the corporate tax rate to 20 percent would boost U.S. economic growth by 3 to 5 percent over time, according to an analysis produced by President Donald Trump’s White House.