© Reuters. Mnuchin confirms 15% corporate tax rate target

Investing.com - U.S. Treasury Secretary Steven Mnuchin confirmed Wednesday that the Trump administration’s tax plan will include a 15% corporate tax rate.

Mnuchin said that Donald Trump wants to slash the corporate tax rate to 15% from 35% currently.

The aim is to cut the taxes paid by small businesses, rather than create a loophole for the rich, he said.

Speaking to CNBC ahead of , which is expected at around 13.30 ET, Mnuchin said it would be the biggest tax cut and largest tax reform in history.

Mnuchin said the Trump administration wants to simplify the U.S. tax code.

He also indicated that the White House has shelved the so-called border adjustment tax for now, saying it doesn't work "in its current form."

The treasury secretary said there is a fundamental agreement with Congress about tax reforms, but the details need to be worked out.