Trump also may cap the individual top tax rate at 33 percent, repeal the estate and alternative minimum taxes and cut taxes for the middle class, analysts said.
The official, who spoke on condition of anonymity, was not authorized to discuss the plan publicly ahead of Trump's announcement, scheduled for Wednesday.
Senate Finance Chairman Orrin Hatch on Monday said that a 15% corporate tax rate would be problematic because it would increase the deficit and run into parliamentary problems if Republicans try to pass their tax bill under a procedure that lets them avoid a filibuster.
Mnuchin has been leading the administration's effort to craft a tax package that can win support in Congress, although the proposals would have a long way to go before becoming law, even with Republicans in control of both the House and Senate.
Trump is following up on his campaign promise to cut corporate tax rates to 15 percent, a lower figure than the 20 percent rate proposed by House Republicans and the 28 percent rate proposed by former President Barack Obama.
As it is shaping up, President Trump's new tax plan sounds a lot like his old one.
Most outside economic analyses say the type of tax cuts being promoted by Trump would likely fuel even larger deficits for a federal government already projected to see its debt steadily rise.
Whether Trump will include provisions that could attract Democratic votes, such as a proposal to fund infrastructure spending or a child-care tax credit as proposed by his daughter Ivanka, is still the subject of speculation.
North Korea conducts artillery drill
In a separate statement, the South Korean President's Office said a meeting had been held to discuss the situation. Navy's inherent flexibility to combine with allied naval forces in response to a broad range of situations".
Trump's tax plans are likely to face months of hearings and debate in Congress, where his Republican colleagues have their own ideas on how the tax code ought to be reshaped.
With legislative hurdles because of the makeup of the Senate, Mr. Trump has been relying on his executive powers since he took office in January to take action.
Separately cutting the top tax rate for pass-through businesses, which account for most US companies, could benefit Trump himself, said Frank Clemente, executive director of Americans for Tax Fairness, a Democratic activist group.
"I'm not convinced that cutting taxes is necessarily going to blow a hole in the deficit; I actually believe it could stimulate the economy and get the economy moving", Hatch said.
Democrats said they smell hypocrisy over the growing national debt, which stands at almost $20 trillion. It is estimated that a border adjustment tax could generate up to $1 trillion.
Tax cuts are easy.
Treasury Secretary Steve Mnuchin said earlier this week that a tax overhaul plan would pay for itself through economic growth, but it's not clear how such a dramatic tax cut would be revenue-neutral. Ron Wyden of OR, the top Democrat on the Senate Finance Committee. The flow of workers into the US economy has slowed because of retirements by an aging baby boomer population, while improvements in productivity have been sluggish.
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