Republican tax negotiators are targeting a corporate tax rate of 20%, according to two people familiar with the matter—but there's at least one potential obstacle: President Donald Trump.
"We'll see what happens, but I hope it's going to be 15%," Trump told reporters Sunday as he prepared to return to Washington after a weekend in New Jersey. The current corporate tax rate is 35%. Meanwhile, the group of administration officials and congressional leaders that's planning a framework for tax legislation is also expected to recommend cutting the top individual tax rate to 35%, down from 39.6%, according to two people familiar with the matter.
Trump confirmed that his administration has hammered out a plan with congressional Republican leaders—though his administration has stopped short of confirming any details. The corporate and individual tax rates will be key portions of that plan—and Trump's brief late-afternoon remarks raised questions about both.
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