The business tax in the United States is currently 35% — among the very highest in the industrialized world. Trump wants to drop it down to 15%, which would bring the rate just below Germany’s but still above Ireland’s low rate of 12.5%.
President Donald Trump has advised his administration to put deficit concerns on the backburner and work on a plan to slash the corporate tax rate to 15 percent, according to a report Monday from The Wall Street Journal Opens a New Window..
President Trump told his staff he wants to deliver on his promise of significant tax reform even if it means the nation loses revenue at the outset, The Journal said.
While Trump has used 15 percent as the baseline for his corporate tax cut pledge, the House GOP leadership initially suggested using 20 percent as the starting point for negotiations. The current business tax rate is 35 percent.
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