Trump reportedly still wants a 15% corporate tax rate, even if it falls short on revenue

Key Points
  • President Donald Trump ran on a 15 percent corporate tax rate and reportedly still seeks it.
  • Most analyses of his campaign proposal said it would grow the U.S. budget deficit.
  • Top administration officials Steven Mnuchin and Gary Cohn will meet with Paul Ryan and Mitch McConnell on Tuesday.
Trump wants to cut corporate tax rate to 15% -DJ
Trump wants to cut corporate tax rate to 15% -DJ

President Donald Trump still wants a 15 percent corporate tax rate, The Wall Street Journal and NBC News reported Monday, a plan that could cause trouble in keeping the deficit in check.

Trump campaigned on a 15 percent rate for businesses, as well as across-the-board income tax cuts, but most analyses of the proposal said it would balloon the U.S. deficit. The House Republican tax proposal championed by Speaker Paul Ryan calls for a 20 percent corporate tax rate, along with the revenue raised by the controversial border adjustment provision.

The current corporate rate is 35 percent.

The Journal reported that Trump wants to sell a major tax cut to Americans, even if it means reducing revenue. Trump told staff to "get it done" before his planned Wednesday announcement on tax reform, according to the newspaper.

During his campaign, Trump said that easing the burden on individuals and businesses would help to boost the economy. Still, a plan that makes the U.S. budget deficit grow could have serious trouble clearing the Republican-controlled Congress.

Treasury Secretary Steven Mnuchin and White House chief economic advisor Gary Cohn will head to the Capitol on Tuesday to meet with Ryan, Senate Majority Leader Mitch McConnell and other top lawmakers.