Trump: US 'should do everything possible to match' China's business tax

Trump: US 'should do everything possible to match' China's business tax
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President Trump on Wednesday reaffirmed his goal of lowering the United States' corporate tax rate to 15 percent, saying that doing so would put the country on par with China.

"China has a business tax rate of 15%. We should do everything possible to match them in order to win with our economy," he wrote on Twitter. "Jobs and wages!"

Lowering the corporate tax rate to 15 percent has long been a key part of Trump's plan to rewrite the country's tax code. However, China's corporate tax rate is technically 25 percent, with some companies meeting qualifications to have tax rates reduced to 15 percent.


Trump has shifted his attention in recent weeks to tax reform. With a stopgap government funding measure and short-term debt ceiling increase behind him, the president is launching a push for tax reform. 

Trump dined with a bipartisan group of senators at the White House on Tuesday in hopes of winning their support on tax reform. And he also discussed the issue with Senate Minority Leader Charles SchumerChuck SchumerUS national security policy in the 117th Congress and a new administration Voters say Biden should make coronavirus vaccine a priority: poll New York City subway service could be slashed 40 percent, officials warn MORE (D-N.Y.) and House Minority Leader Nancy Pelosi (D-Calif.) during a dinner on Wednesday night.

Democrats have vowed to reject any plan that would offer tax breaks to the wealthy and also oppose the president's call to repeal the estate tax. 

Trump offered a reassurance to Democrats on Wednesday, saying that "the rich will not be gaining at all with this plan."

“I think the wealthy will be pretty much where they are," he said.

Still, Trump has urged Congress to act swiftly on tax reform. He said Wednesday that lawmakers should "move fast." And during a speech in Missouri late last month, he warned Congress not to disappoint him on tax reform.