The Trump tax plan said to call for a corporate tax rate cut to 15%.
President Donald Trump will call for cutting taxes for individuals and lowering the corporate tax rate to 15 percent. This is intended to fulfill a promise he made during his campaign.
Trump and Ryan broadly agree on sharply cutting individual income and corporate taxes. However, there are areas of disagreement between the two. On the campaign, Trump called for a corporate tax rate of 15 percent; Ryan wants 20 percent. Ryan has warned that cutting it an additional 5 percentage points could prevent the ultimate tax plan from being revenue neutral. Without Democratic support, a plan would have to be revenue neutral to meet the criteria set by lawmakers to make tax changes permanent.
The president likely won’t include a controversial border-adjusted tax that Ryan has backed. The border-adjusted tax would replace the 35 percent tax corporate rate with a 20 percent rate applied to companies’ domestic sales and imported goods. In addition, exports would be exempt.
