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NFIB Weekly News

NFIB Weekly News Business Climate

GOP Debating Corporate Tax Reforms. (08/08/2017)

The Hill (8/6, Jagoda) reported that “Republicans are wrestling with how low to cut the corporate tax rate.” The article added that “while GOP lawmakers and the White House all believe that the current rate of 35 percent is too high and makes the U.S. business climate less competitive, some policymakers want to cut it more deeply than others,” and division about how deeply to cut corporate taxes “is a challenge for Republicans as they seek to pass tax reform by the end of the year.” The Hill adds, “Trump has called for a 15-percent corporate tax rate since the early months of his presidential campaign,” and White House National Economic Council Director Gary Cohn “said that’s still the administration’s goal.” However, “the tax plan Speaker Paul Ryan (R-Wis.) released last year proposed a 20 percent corporate rate.”

Bloomberg News (8/4, Leondis) reported that Cohn in a Bloomberg TV interview “suggested that the U.S. must cut its corporate tax rate by at least a third to compete with other developed countries.” Cohn asserted, “We cannot be substantially higher than the OECD average tax rate,” which is about 23 percent. Cohn added, “We’ve got to get in line with the rest of the world, we’ve got to entice capital to be invested in the United States.”