Posted on 12/03/2017 4:16:57 AM PST by SkyPilot
Hours after the pre-dawn passage of a $1.5 trillion tax cut, President Trump suggested for the first time Saturday that he would consider a higher corporate rate than the one Senate Republicans had just endorsed, in remarks that could complicate sensitive negotiations to pass a final bill.
On his way to New York for three fundraisers, Trump told reporters that the corporate tax rate in the GOP plan might end up rising to 22 percent from 20 percent.
Moving the corporate tax rate up by 2 percentage points could raise $200 billion, money Trump might need to try to satisfy the concerns of Republicans frustrated that the plan does not reduce top individuals’ tax rates enough or of others such as Sen. Marco Rubio (Fla.), who argued that the bill should do more for low-income families.
Rubio complained Friday that colleagues would not even allow him to move the corporate rate to 20.94 percent, saying they acted as if this would be a “catastrophe.”
If the White House tries to lower the top tax rate for individuals, it would mark a sharp departure from several months ago, when then-chief strategist Stephen K. Bannon advocated for raising the top rate paid by the wealthiest Americans as a way to follow through on the populist principles Trump invoked in his campaign.
Lawmakers in both the House and Senate had fought hard to keep the corporate rate low, with the Senate late Friday rejecting a Republican-backed proposal to push it up to 21 percent in exchange for more working-family tax breaks. The Senate passed the final version of its bill on a 51-to-49 vote just before 2 a.m. Saturday, with Sen. Bob Corker (Tenn.) as the lone Republican voting against it on concerns that it would drive up the federal deficit.
(Excerpt) Read more at washingtonpost.com ...
Boy, for folks around here who parse his tweets and see the secret of pyramids in between the lines, many of you refuse to acknowledge that President Trump tells reporters that the corporates might have to live with a little less of a tax rate cut (2%). Of course Trump is signaling that he would like to see greater relief on the individual side of the corporations take less.
Talk about people losing their minds around here......
I don't think he has to worry about votes at this point. The GOP is committed. Both bills have passed both house houses. For individual congressmen and senators to vote against the reconciliation bill now because their precious corporate rate of 20% was not achieve would be the height of hypocrisy and political suicide. Trump most certainly knows this.
Trump got them to commit - and now he is negotiating again. I assume that is the way he operates, because it certainly was the way he operated in business.
It also says the white house would run into opposition from Congress and is behind the move.
My gosh, who do you think is now a force for changing the rate at this point of the process, right before we go to reconciliation? McConnell? Ryan? Are you kidding?
All in all, the tax reform is either a great accomplishment or not regardless of the changes that will be made in reconciliation. We are just being baited into heartburn by the left and their media arm for no good reason.
That could be in the negotiation, but who knows.
If the "repatriation rate" is cheaper than keeping the money overseas, my guess is chances are good that money would get re-patriated.
If not, it's going to stay overseas.
Seems to me to be a simple business decision that way. That is after all how all those corporate profits ended up overseas to begin with - cheaper to keep it there than pay the taxes on it here.
No, he proposed 20.94% to help lower income families.
Collins suggested 2 weeks ago to lower the corporate rate to 22% or 23% and said that could alleviate the loss of the SALT deduction.
The article says that the extra 2% gained from the corporates taking lower could even be used to help the top rate earners/payers.
Obviously, Trump told reporters this for a reason. The man does nothing by accident.
He is saying that the bills (House and Senate) don't help people enough on the individual side.
For instance, Schumer was correct when he stated it was hypocritical for the GOP to take the SALT deduction away from individuals, but preserve it for corporations (who were already getting a massive tax cut).
I can acknowledge when a legitimate point is made without my head exploding.
***** It also says the white house would run into opposition from Congress and is behind the move.
My gosh, who do you think is now a force for changing the rate at this point of the process, right before we go to reconciliation? McConnell? Ryan? Are you kidding?*****
If you don’t understand that this is WAPO trying to divide Trump and his allies, then I don’t know what else to tell ya.
WaPo = lie
Me too.
McConnell and Ryan are Trump's allies?
“Trump appears to be knocking heads with the swamp, and realizes the current bills soak individuals at the expense of the corporations.”
Clueless......
We’ll see.
Different bills have passed both houses. They need to be reconciled, and a 22% corporate tax may be a deal breaker for some while a 20% rate may be a deal breaker for others.
For individual congressmen and senators to vote against the reconciliation bill now because their precious corporate rate of 20% was not achieve would be the height of hypocrisy and political suicide.
Perhaps. Perhaps not.
Trump got them to commit - and now he is negotiating again.
Trump isn't negotiating here, the House and Senate are. Trump will sign what they send him. And if that contains a 22% rate or higher or lower then his name will be on it.
***McConnell and Ryan are Trump’s allies?***
Are you?
I believe he is always negotiating (reconciliation is next week), but you are 100% correct - ultimately he will sign whatever they send him at this point.
He also may be open to using the higher corporate rate to offset deficit spending (although the Senate already resolved the mechanics of that by letting some tax cuts expire). I was shocked when the GOP ran into trouble Thursday night because the Senate parliamentarian stopped a gimmick to cover up the fact that the deficit was rising too much under the plan.
This parliamentarian sure does seem to have some extra-Constitutional power.
****being middle class, so I got a tax increase for Christmas. More off my table to redistribute.
Me too.****
So you are posting with so much energy because you may be one of the few who get a tax increase?
For Trump?
Why do you think I am member of Antifa simply because I oppose higher tax rates for individuals?
Some folks on FR have literally gone off the deep end.
They behave and think like the Spanish Inquisition more than conservatives or constitutionalists.
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