A proposed plan by Senate Republicans would push chopping the corporate tax rate from 35 percent to 20 percent until 2019. Republicans argue that the reduction will assist in motivating firms to keep their operations within the U.S., boost salaries and be able to employ more people.
The move, however, is seen as contradicting with another bill which is currently working its way through the House.
Elsewhere, President Donald Trump continues his trip across Asia Friday. On the last trading day of the week, the incumbent brought the topic of trade to the table in Vietnam.
Speaking at the Asia-Pacific Economic Cooperation summit in Vietnam, Trump stated that while the U.S. was ready to make bilateral deals with countries in the Indo-Pacific region, this would only be on the foundation of "mutual respect and mutual benefit," adding that the States could no longer tolerate chronic trade abuses.
After a bumper week of corporate earnings, Friday delivered a lighter load than usual. JC Penney released quarterly results that were better than expected, sending the stock 7 percent higher before the bell.