Mark Warner told CNBC that he agrees on lowering the corporate tax rate.
Sen. Mark Warner (D-VA) told CNBC on Tuesday that he agrees with President Trump’s plan to reduce the corporate tax rate from its current 35 percent rate.
“We are not competitive at this point when we have, nominally, the highest corporate tax rate in the world,” Warner said.
Warner also pointed to the convoluted tax code, that is “riddled with exemptions,” that prevents efficient revenue collection.
“We have the highest corporate tax rate, yet if you look at the total amount of revenues we collect as a percent of our GDP, we are 31st out of 34 in terms of OECD nations,” he continued.
However, Warner differed from Trump in suggestions for a new corporate tax rate. Warner proposed a tax rate in the low- to mid-20s, but Trump has advocated for a corporate tax rate of 15 percent.
As Democrats and Republicans have struggled to find bipartisan solutions, tax reform could unite both sides to solve the overly-complicated and burdensome tax code.
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