March 23, 2018

Trump says China's business tax rate is 15% - it's actually much higher

17 September 2017, 07:10 | Taylor George

TRUMP: Congress should 'move fast' on the 'biggest Tax Cut & Tax Reform package in the history of our country'

Paul Ryan is the 54th Speaker of the U.S. House of Representatives. Now serving his tenth term in the House he represents Wisconsin's First Congressional District

President Donald Trump is in a big rush for Congress to approve big tax cuts, and he is using the damage left by Hurricane Irma to argue his case.

Ryan says that window should give time for Congress to act.

"More and more, we're trying to work things out together", Mr. Trump said, during a meeting with moderate lawmakers, both Democrats and Republicans. Cutting the corporate tax rate from 35 percent to 15 percent, which Treasury Secretary Steven Mnuchin reaffirmed on Tuesday is the administration's goal, along with other promises like dropping the number of individual income tax brackets from seven to three, lowering income tax rates, eliminating the estate tax and more, means blowing a big hole in the budget. He's still hoping for a 15-percent rate "because that will bring us", he said, to a level similar to that of China and other countries.

Paul Ryan is the 54th Speaker of the U.S. House of Representatives. Now serving his tenth term in the House he represents Wisconsin's First Congressional District

As an example, the president pointed to China's headline corporate tax rate. Dynamic scoring, a technique for crunching the numbers preferred by Republicans who believe such cuts will spur economic growth, doesn't meaningfully change that picture. That goal may be hard; 45 of the 48 Democratic senators signed a letter earlier this year that laid down three conditions for supporting tax legislation: that it not add to the federal deficit, that it not increase the burden on the middle class and that it go through the regular order process in Congress. "You'll see where we're going on individual rates". Trump said then, "if they have to go higher, they'll go higher, frankly". Under current law, only estates worth more than $5.49 million for individuals - or $10.98 million for married couples - are subject to the 40 percent tax.

The panel will be tasked with coming up with solutions for all those issues that could be supported by a majority of the majority. And he also discussed the issue with Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerTrump: US "should do everything possible to match" China's business tax Trump, Dem leaders reach agreement on young immigrants Pelosi: McConnell "unwittingly" helped Dems win Trump deal MORE (D-N.Y.) and House Minority Leader Nancy Pelosi (D-Calif.) during a dinner on Wednesday night. "We're looking at the middle class and we're looking at jobs".

Predictably, negotiators for Congress and the Trump administration are struggling to find ways to pay for tax cuts that the Tax Policy Center estimates could cut federal revenue by up to $7.8 trillion over the next decade. Yet even as President Donald Trump hunted for Democratic votes for a plan that's not yet taken shape, and GOP leaders laid out an aggressive timetable to lawmakers, significant hurdles remained.

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