New Trump Proposal: Cut the Corporate Tax Rate in Half New Trump Proposal: Cut the Corporate Tax Rate in Half – NTK Network

New Trump Proposal: Cut the Corporate Tax Rate in Half

President Trump is out with a new proposal that will attract support from U.S. businesses: lower the corporate tax rate from 35 percent to 15 percent.

By NTK Staff | 04.25.2017 @2:30pm
New Trump Proposal: Cut the Corporate Tax Rate in Half

The Wall Street Journal learned on Monday evening that President Trump will propose a cut in the corporate tax rate from 35 percent to 15 percent. The cut is part of a larger tax reform package President Trump is expected to roll out this week, ahead of the 100-day mark for his presidency.

The Journal reported:

President Donald Trump has ordered White House aides to draft a tax plan that slashes the corporate tax rate to 15%, even if that means a loss of revenue, according to people familiar with the directive.

…Mr. Trump’s call for a 15% corporate tax rate puts him below the low end of recent proposals. Former President Barack Obama sought a 28% rate for most companies. A 2014 Republican plan had a 25% corporate rate. And House Republicans want a 20% rate, with the cost covered by including a border-adjustment feature that taxes imports and exempts exports.

A corporate tax rate of 15 percent would put America in line with other high-income countries considered to have a low, competitive corporate tax rate, including the United Kingdom (19 percent) and Ireland (15 percent).

Many corporations would see their tax burden cut by more than half. It’s unclear as of yet whether President Trump plans to close loopholes elsewhere to pay for the tax cut, but he is expected to share more details about his plan this week.

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