As COVID-19 reshapes our economy, our newsletter will help you unpack the news from the day.
What it might mean if Trump succeeds in cutting the business tax rate
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President Donald Trump reminded Fox News’ Tucker Carlson last night that he aims to bring taxes “way down” on businesses, from 35 percent to 15 percent. But a lot of companies don’t pay 35 percent, because they take deductions and exclusions to shave their tax bill. A drop in the overall tax rate could make U.S. corporate tax rates more competitive. However, some argue those tax breaks would have to go to offset huge revenue losses otherwise. So far, Trump’s administration doesn’t have a detailed tax proposal ready for Congress.
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