Trump's 15% Corporate Rate Debated During Tax Meetings: Official

June 27, 2017                                             By: Justin Sink

President Donald Trump’s call to slash the corporate income tax rate to 15 percent has faced resistance during private tax meetings, according to a senior White House official.

While Trump has been clear that he thinks cutting the rate, which is currently 35 percent, is essential for job creation, others have said that it’s impossible to cut it as much as he wants without adding to the federal deficit, said the official, who asked not to be named because the discussions are private. The official didn’t specify who had raised the objections, but said administration officials have met with over 200 members of Congress as part of the effort to craft the tax bill.

Offering a first glimpse into closed-door sessions on tax policy between Trump’s top economic advisers and congressional leaders, the White House official said the sides have yet to agree on whether tax legislation should be “deficit-neutral.” Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan have both called for such neutrality -- meaning that any tax cuts would be offset either by higher revenue from other sources or by spending cuts -- though some of Trump’s advisers have questioned the need for it................Read More