Trump Set to Call for Big US Corporate Tax Cut

President Donald Trump plans to propose massive tax cuts for businesses big and small as part of an overhaul that he says will provide the biggest tax cuts in USA history.

Mr Trump will on Wednesday unveil a plan that he has said will include "maybe the biggest tax cut" America has "ever had".

"We're driving this a little bit more", a senior White House official told a group of reporters late on Tuesday.

Sen. Orrin Hatch, R-Utah, chairman of the Senate Finance Committee, said he isn't opposed to tax cuts in general, but whacking corporate taxes to 15% could be too aggressive.

A 15% top rate for corporations and pass throughs would be drastically lower than today's rates and lower than the top rate for ordinary wage income called for under the House Republicans' tax reform proposal, as well as the plan Trump proposed previous year.

White House National Economic Council Director Gary Cohn said last week that Trump's tax plan may involve using some tax revenue from businesses bringing foreign earnings back into the US for infrastructure.

The Senate's No. 3 Republican is not expecting President Trump's tax plan to include infrastructure spending, though he cautioned that he hasn't seen a draft of the proposal.

"I'm convinced that working with the White House we can deliver the most competitive rates in the design of the tax code in a permanent way that grows our economy and gives us the greatest growth for the greatest number of years", Brady said. Today, the official scorekeeper for Congress dealt the argument - and Trump's plan - another blow. Many U.S. corporations, especially large multinationals, already pay well below the statutory 35-percent tax rate, but have been campaigning for a formal rate cut for many years.

Mnuchin has said the cuts will pay for themselves by generating more economic growth but fiscal hawks, potentially some in Trump's own Republican Party, along with Democrats, are certain to question these claims.


Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, both veterans of investment bank Goldman Sachs, were scheduled to present the plan at the office of Senate Republican leader Mitch McConnell.

Afterward, Hatch called it, "a preliminary meeting".

Even a slight change to the corporate tax rate would have massive impacts for the economy and the federal budget deficit.

"Doing infrastructure in a tax reform bill would be largely, I believe, created to attract Democrats to get on board", Thune said.

"Additional EPS growth will come from share repurchases made following a repatriation tax change which will also be included", Strategas' Jason Trennert said in a note Tuesday.

Separately cutting the top tax rate for pass-through businesses, which account for most US companies, could benefit Trump himself, said Frank Clemente, executive director of Americans for Tax Fairness, a Democratic activist group.

Trump's team has discussed a "border adjustment tax" on imported goods coming into the United States, drawing opposition from congressional critics who say it would lead to higher prices.

Edwards supports the effort to lower the corporate tax rate, and he said fewer corporations would avoid taxes and shift their profits overseas if a lower rate were to be enacted.

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