FOX Business: President Donald Trump has advised his administration to put deficit concerns on the backburner and work on a plan to slash the corporate tax rate to 15 percent, according to a report Monday from The Wall Street Journal.
President Trump told his staff he wants to deliver on his promise of significant tax reform even if it means the nation loses revenue at the outset, The Journal said.
While Trump has used 15 percent as the baseline for his corporate tax cut pledge, the House GOP leadership initially suggested using 20 percent as the starting point for negotiations. The current business tax rate is 35 percent.
I can only pray that God leads Trump to the correct decision, and that the GOP/DNC are convicted to do it, even if their hearts are rotten to the core. God does answer prayer, after all.
Even the WSJ won’t explain to the simpletons that there is an inverse relationship between the amount of taxes collected and the rate. The only thing keeping socialist countries in Europe going is a low corporate tax rate.
History shows that low corpoate tax rates increases economic growth. I hope small corporations are included.
Why does NO ONE talk about getting rid of baseline budgeting at the same time if they are so worried about deficits? The idea that Federal agencies automatically get last years budget plus inflation is ridiculous. Make them justify what they spend every year
No worries, Paul “Benedict Arnold” Ryan will make sure this doesn’t happen. You know, anything that might help out ordinary Americans and American business.
15% is a good start. It should be ZERO. It’s nothing but a hidden tax paid by consumers, that simultaneously keeps their wages and benefits down at work.
I say this as a God-fearing woman living in holy matrimony with a God-fearing man:
If Donald Trump can protect our borders, curb-stomped Fatty Kim III and ISIS, AND CUT MY FREAKIN’ TAXES, he can grab me by the p*ssy any day of the week.
It’s almost as if he is trying to increase prosperity, wages, and job opportunities. Interesting. We haven’t seen anyone in the White House for a long time who wants to do this. We spent the last 8 years worrying about BLM, not deporting illegals, and climate change, boy that was really productive (eye roll).
If deficits don’t matter why do we need to pay taxes?
That’s a very fine line he’s walking. Your deficit along with your debt is so high as to defy description and while a cut in corporate taxes is a good idea a 60% cut may be fiscal suicide. If the rest of the world decides that America isn’t approaching it’s job as the fiscal leader with the gravitas needed it may start looking for a different reserve currency. Maybe dropping the corporate rate may have been better in steps of 3 or 4 percent per year to allow the economy (and the world) to adjust.