Corporate Tax Rate Cut Discussions Continue

As reported by BNA, House Ways and Means members are discussing a gradual phase-in for the corporate tax-rate cut that President Donald Trump and Republican leaders want — decreased down to 20 percent by 2022. The phase-in plan has been considered, but may not yet be final, as deliberations continue before Wednesday’s deadline. Slashing the rate to 20 percent for corporations is estimated to cost $1.6 trillion over a decade, according to estimates from the Tax Foundation, but it would be less costly if the cuts are phased-in. Under budget rules Republican leaders have said they plan to follow, if tax cuts aren’t offset and they add to the long-term deficit, they have to expire within 10 years.

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