Trump seeks 15 percent corporate tax rate, even if it swells the national debt

[DonViejo]

Source: The Washington Post



By Damian Paletta and Robert Costa April 24 at 3:58 PM

President Trump has instructed advisers to drastically cut the corporate tax rate even though doing so will expand the deficit and grow the national debt, sticking to one of his campaign pledges but shattering another.

Trump instructed advisers last week that he wants the corporate tax rate to be lowered from 35 percent to 15 percent, a senior White House official said, speaking on the condition of anonymity. This is the same rate that Trump pursued during his 2016 campaign, but officials had not signaled since the election whether he would stick to the pledge.

By doing so — but not committing to measures that would offset the revenue loss — Trump is making clear he is putting a priority on cutting taxes over the national debt. It also potentially creates a tension point with House Republicans, who have spent years advancing a vision for tax restructuring of their own.

The White House decision comes at a crucial time. White House officials plan to unveil the broad principles of their tax plan Wednesday, though details of what would be in the release remained fluid Monday, another White House official said.

Read more: https://www.washingtonpost.com/business/economy/trump-seeks-15-percent-corporate-tax-rate-even-if-it-swells-the-national-debt/2017/04/24/0c78a35c-2923-11e7-be51-b3fc6ff7faee_story.html?tid=pm_business_pop&utm_term=.a2470311861b

[TeamPooka]

1. Trump is trying to break the bank and back of the US.

[AJT]

2. He's starving the government so the repubs can drown it.

[IronLionZion]

3. Any cuts to corporate tax deductions and subsidies?

No? Then spit on it and hand it back to him.

What an asshole. He's deliberately trying to bankrupt our country like we're one of his companies.

[bucolic_frolic]

4. Grand larceny

[Doreen]

5. If you are poor and lower middle class you are fucked.

Our taxes are going to be so high we will not be able to afford to do or have ANYTHING. I am talking about having the bare minimum of survival. Someone will have to pay taxes and pay the new higher debt and it sure is not going to be the ones who can actually do it.

[DFW]

6. Unless you are EXTREMELY rich, you are fucked, too

Better have your savings in Euros, Pounds, or Yen, and a few gold bars in your safe deposit box, too. Gold took a nose dive during Obama's last years because the American economy was on such a good keel. Now, from flirting with $1100 an ounce, we're flirting with $1300, and because of the French election in which Mélenchon got shut out of the second round, the Euro jumped up over 1.5% in a day.

[DFW]

7. This would do more than swell the debt. This would be a tidal wave drowning us

A deficit-ballooning measure like that may garner a few headlines and get Mercedes to build a new wing to its factory in Alabama, but the budget deficit will explode, and our economy will suffer mightily if a cut like that goes through. The Republican mantra of "deficits don't matter when we cause them" won't be enough to cover the mess if this big a tax cut is passed. Cutting the corporate tax rate to 27.5% would have been drastic enough to attract the same amount of foreign interest in U.S. investment, and there MIGHT have been a way to offset it in reduced military spending (I know, they claim they wouldn't, but they would). But this would be taking it down by more than half. No way will we recoup the lost revenue elsewhere.

[MBS]

8. Infuriating.

Boy, a real man of the people.

[bluestarone]

9. this his plan?????? or

RUSSIA'S PLAN

[Midnight Writer]

10. But corporations are people. Why should "people" making billions a year get the break?

How much of a break is he going to give a working for a payday person?