McConnell, Mulvaney talk taxes

Republican leader Mitch McConnell slammed democrats for their take on the tax plan, and White House budget chief Mick Mulvaney said they might consider a small increase on the corporate tax rate if it is needed to finalise the bill in Congress.

WASHINGTON (REUTERS) - Speaking on CBS News' Face the Nation program, US Senate Republican leader Mitch McConnell slammed democrats for their view on the tax Bill, and White House budget chief Mick Mulvaney said the administration is willing to consider a small increase on the corporate tax rate if it is needed to finalise the Bill in the US Congress.

Mulvaney made his comments after President Donald Trump suggested on Saturday that the corporate tax rate could end up at 22 per cent once the Senate and House of Representatives reconcile or "conference" their respective versions of the legislation, even though both Bills currently stand at 20 per cent.

"My understanding is that the Senate (Bill) has a 20 per cent rate now. The House has a 20 per cent rate now. We're happy with both of those numbers," Mulvaney said in the CBS interview.

"If something small happens in conference that gets us across the finish line, we'll look at it on a case-by-case basis. But I don't think you'll see any significant change in our position on the corporate taxes," Mulvaney said.