Trump: Additional corporate tax cut under consideration
President Trump said in a television interview that a second round of tax cuts may include an additional reduction to the corporate tax rate, from 21 percent to 20 percent.
“One of the things we’re thinking about is bringing the 21 percent down to 20, and for the most part the rest of it will go right to the middle class,” Trump told Maria Bartiromo in an interview that will air Sunday on Fox News Channel’s “Sunday Morning Futures.”
The tax law Trump signed last year lowered the corporate tax rate from 35 percent to 21 percent. The 21 percent rate was higher than many Republicans had initially wanted, and Trump sought a 15 percent rate during his campaign. Earlier versions of the tax bill included a corporate rate of 20 percent.
House GOP lawmakers and the White House have been discussing additional tax cuts this year, and a potential package is expected to focus on a permanent extension of tax changes for individuals that are temporary under the law Trump signed in December.
While House Republicans intend to vote on a “phase two” of tax cuts this fall, it’s unclear whether the Senate will follow suit. It’s considered unlikely that the Senate would pass such a measure.
Trump said in the Fox News interview that action on the second phase would be “probably in October, maybe a little sooner.”
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