Trump says he may lower corporate tax rate to 20 percent if reelected

President Trump

Donald John TrumpTwitter CEO calls blocking New York Post article without explanation ‘unacceptable’ Michael Cohen writing second book on Trump administration’s Justice Department As Trump downplayed the virus publicly, memo based on private briefings sparked stock sell-offs: NYT MORE on Thursday said that he may push to lower the corporate tax rate from 21 percent to 20 percent if he is reelected.

In an interview on Fox Business Network, Trump said he “may bring down the 21 percent down to 20,” calling a 20 percent rate an “even number.”

Trump also said that he would cut taxes for middle-income people, though he did not provide specifics.


Trump’s position on the corporate tax rate contrasts with that of Democratic presidential nominee Joe Biden

Joe BidenTwitter CEO calls blocking New York Post article without explanation ‘unacceptable’ Cheers erupt as Trump puts on MAGA hat, takes off tie at Iowa rally Hillicon Valley: Twitter lacked adequate cybersecurity protection ahead of July hacks, regulator says | Twitter, Facebook clamp down on New York Post article about Hunter Biden | YouTube bans COVID-19 vaccine misinformation MORE, who has called for raising the rate to 28 percent. Biden has had a substantial lead in many recent polls.

The president’s comments are in line with remarks Mick Mulvaney

Mick MulvaneyOn The Money: House panel pulls Powell into partisan battles | New York considers hiking taxes on the rich | Treasury: Trump’s payroll tax deferral won’t hurt Social Security Blockchain trade group names Mick Mulvaney to board Mick Mulvaney to start hedge fund MORE, then Trump’s acting chief of staff, made in February.

“He’s never liked the fact that the corporate tax is 21 percent. He always wanted it to be 20,” Mulvaney said about Trump at the time.

Trump’s 2017 tax-cut law lowered the corporate tax rate from 35 percent to 21 percent.

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