Report: Trump Eyes (Another) Big Corporate Tax Cut Despite Exploding Deficits
Mick Mulvaney, President Trump’s acting chief of staff, said that Trump plans on cutting the corporate tax rate further if he gets re-elected, according to Market Watch.
Speaking at the Wall Street Journal’s CEO Council meeting in Washington, Mulvaney said the president was “disappointed” he couldn’t cut them even further.
“The president would love to see further refinements to tax policy. He was always disappointed we couldn’t get that corporate tax rate down just a little bit more,” he said.
The 2017 tax bill Trump signed lowered the corporate rate to 21% from 35%. Yet, Trump’s challengers, including former Vice President Joe Biden, the current front-runner for the Democratic presidential nomination, seek to do the opposite.
Biden proposed raising the corporate rate to 28%, as well as increasing the top rate on individuals to 39.6% from 37%.