Reports are that Trump is going to seek an enormous cut in the corporate tax rate – to 15%!!!!!!!
That’s less than half of what it is now.
Sources tell CNN he may propose slashing the top corporate rate from 35% to 15% — as he proposed during the campaign.
Such a dramatic change would likely set up a clash with Republican leaders on Capitol Hill.
Here’s why: Republican leaders are eager to cut corporate taxes, but for various reasons they don’t want to add to the country’s debt. And a 15% corporate rate could drive up deficits by a lot.
There’s no way they can do this. Does he really think it’ll be popular to have billion dollar corporations pay less than regular people in taxes? I’m for a cut, but one this steep seems crazy. And how does that fit with his Bernie-like populism? Answer: it doesn’t.
Watch below:
President Trump wants corporate tax rate cut to 15%, Jim @Acosta reports https://t.co/KMjojA9XhA
— The Situation Room (@CNNSitRoom) April 24, 2017
For example, the Tax Policy Center estimated in November that Trump’s 15% proposal, coupled with a repeal of the corporate Alternative Minimum Tax, could reduce revenue by nearly $2.4 trillion in the first decade.
To put that in context, that’s about $240 billion a year — which is almost as much as the $304 billion the government spent last year on income security programs such as food stamps, unemployment benefits and child nutrition.
Yeah I dunno, I’m all for tax cuts, but they need to get some help to the regular everyday taxpayer too, not just yuge corporations…
And remember the promise about cutting the debt down to nothing in 8 years? They’re now saying that was a joke LOL!