New York.- President Donald Trump has ordered his colleagues to accelerate the design of a plan to reduce corporate income tax from 35% to 15%, he said. Today The Wall Street Journal.
The newspaper, citing a source familiar with this directive, said that during a meeting held last week in his office with his colleagues, Trump announced that he wants the tax cut to be ready to be announced on Wednesday.
Last Friday, Trump said that on Wednesday there will be a “big announcement” linked to his promised tax reform, which is waiting on Wall Street to be certain about the new administration’s tax policy.
The Journal recalls that the 35% to 15% reduction in corporate income tax was one of Trump’s promises during his election campaign.
That decision, according to what Trump has been advocating, seeks to prevent US companies from establishing their fiscal headquarters in countries with lower tax rates, and believes that if taxes are lowered in the United States there will be a massive repatriation of capital.
According to the paper, Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn will meet on Tuesday to discuss this proposed tax reduction with heads of Congress.
At that meeting will be the head of the Republican majority in the Senate, Mitch McConnell; Speaker of the House of Representatives Paul Ryan; The chairman of the Senate Finance Committee, Orrin Hatch, and Congressman Kevin Brady of Texas.
That meeting will be held on the eve of the “big announcement” in tax matters that Trump anticipated last week.
According to data quoted by the Journal, a reduction of 20 percentage points of corporate income tax represents a reduction of state revenues of $ 2 trillion, since each percentage point is equivalent to 100,000 million.
The measure, if finally approved by Congress, will then raise the public deficit, one of the issues that Trump insisted during his election campaign.