WASHINGTON, July 31 (Reuters) - Congressional Republicans and the Trump administration will face a challenge reducing the U.S. corporate income tax rate to 25 percent from 35 percent, let alone to the 15 percent rate being advocated by President Donald Trump, the Senate's top tax law writer told Reuters on Monday.
Republican Senator Orrin Hatch, discussing the outlook for overhauling the tax code after last week's collapse of a push to dismantle Obamacare, said in an interview that it was time to tackle taxes, despite Trump's calls for a new healthcare push.
On the corporate rate, a key concern for markets, the Senate Finance Committee chairman said: "The president said he wants to get it down to 15 percent. That's very unlikely. In fact, it would be kind of miraculous if we could get it down to 25 percent or less. I'd like to get it down to around 20 percent. I'd love to get it at 15 percent if we could." (Reporting by David Morgan; Additional reporting by Susan Cornwell; Editing by Kevin Drawbaugh and Bill Trott)