The Trump administration is seeking a dramatic reduction in the rate of corporation tax to 15 per cent, a White House official said, as the president seeks to accelerate growth by easing burdens on US business.
That rate would be lower than the corporation tax rate being sought under plans developed by House Republican leaders, but it mirrors Donald Trump’s campaign goals to more than halve corporation tax from the current 35 per cent.
The proposed reduction comes as the administration places a higher priority on easing taxes than on curbing the US budget deficit. As such, it will encounter a rocky reception among fiscal conservatives in Congress, who worry about America’s escalating public debt and will be the arbiters of what tax legislation is proposed and passed.