President Donald Trump on Thursday said that if he wins reelection, he might cut the corporate tax rate even more than he already has in his first term.
Trump told Fox Business in an interview that he “may bring down the 21% down to 20,” which he noted is an “even number.”
The Tax Cuts and Jobs Act of 2017 reduced the corporate tax rate from 35% to just 21%.
Trump’s comments corroborate what former acting White House chief of staff Mick Mulvaney said in February, when he commented at the Conservative Political Action Conference that Republicans “need to do the second part of the tax bill” and that the president “never liked the fact that the corporate tax is 21%. He always wanted it to be 20.”
Democrat presidential nominee Joe Biden has called to raise the corporate tax rate to 28%.