Finance

Trump says he may lower corporate tax rate to 20 percent if reelected

President Trump on Thursday said that he may push to lower the corporate tax rate from 21 percent to 20 percent if he is reelected.

In an interview on Fox Business Network, Trump said he “may bring down the 21 percent down to 20,” calling a 20 percent rate an “even number.”

Trump also said that he would cut taxes for middle-income people, though he did not provide specifics.

Trump’s position on the corporate tax rate contrasts with that of Democratic presidential nominee Joe Biden, who has called for raising the rate to 28 percent. Biden has had a substantial lead in many recent polls.

The president’s comments are in line with remarks Mick Mulvaney, then Trump’s acting chief of staff, made in February.

“He’s never liked the fact that the corporate tax is 21 percent. He always wanted it to be 20,” Mulvaney said about Trump at the time.

Trump’s 2017 tax-cut law lowered the corporate tax rate from 35 percent to 21 percent.

Tags 2020 election corporate tax rate Donald Trump Economic policy of Donald Trump administration Joe Biden Mick Mulvaney tax cuts
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