Hatch: 15 percent corporate tax rate 'very unlikely'

Hatch: 15 percent corporate tax rate 'very unlikely'

Senate Finance Committee Chairman Orrin HatchOrrin Grant HatchGOP moderates hint at smooth confirmation ahead for Kavanaugh GOP senators introduce resolution endorsing ICE Yale Law School students, alumni denounce Trump Supreme Court pick MORE (R-Utah) says he thinks President Trump's goal of a 15 percent corporate tax rate is "very unlikely." 

"In fact, it would be kind of miraculous if we could get it down to 25 percent or less," Hatch said in an interview with Reuters published Monday. "I'd like to get it down to around 20 percent. I'd love to get it at 15 percent if we could."

The U.S. corporate tax rate is currently 35 percent, and lowering that rate is one of Republicans' top priorities for tax reform. The Trump administration called for a 15 percent corporate rate in the plan it released in April, and White House officials said Monday that they are still aiming to meet that goal.

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But Hatch, whose committee has jurisdiction over tax writing in the Senate, said that cutting the rate to even 25 percent would be valuable and difficult.

"If we could get the corporate tax rate down to, let's say, a maximum of 25 percent, it would be a sea change for this country. It would be great," he said. "But I think the odds are, we’re going to be lucky to get it down at all."

Hatch also said he hopes Republicans and Democrats can work together on tax reform, considered the top GOP legislative priority after the failure of ObamaCare repeal.

"In this current Congress, it’s almost impossible to change because the Democrats have just about slowed everything down to such a point that we can’t hardly move on anything," he said. "But I’m going to try to break through and get this done."