White House Scales Back Ambitions for Business Tax Cut

“With President Trump’s promise to repeal and replace the Affordable Care Act nearly dead, administration officials are scaling back their ambitions to cut the corporate tax rate sharply, apparently taking a more pragmatic approach as they scramble to secure a major legislative victory this year,” the New York Times reports.

“One crucial point of discussions in the coming days, the person said, will be the proposed business tax rate. In April, a White House policy paper pegged it at 15% for corporations and small businesses alike. The current rate is 35%. But now the proposed business tax rate is “drifting higher,” this person said, and may end up in the low 20 percent range.”