President Donald Trump on Wednesday reiterated his position on lowering the United States’ corporate tax rate to 15 percent, saying that doing so would put the country on par with China, The Hill reports.
“China has a business tax rate of 15%. We should do everything possible to match them in order to win with our economy. Jobs and wages!” he wrote on Twitter.
Lowering the corporate tax rate to 15 percent has long been a key part of Trump’s plan to rewrite the country’s tax code. However, China’s corporate tax rate is technically 25 percent with some companies meeting qualifications to have tax rates reduced to 15 percent, The Hill comments.
With a stopgap government funding measure and short-term debt ceiling increase behind him, the president is launching a push for tax reform, The Hill adds.
Trump discussed the issue with a bipartisan group of senators at the White House on Tuesday, as well as with Senate Minority Leader Chuck Schumer and House Minority Leader during a dinner on Wednesday night.
Democrats have vowed to reject any plan that would offer tax breaks to the wealth, and also oppose the president’s call to repeal the estate tax. Trump offered a reassurance to Democrats on Wednesday, saying that “the rich will not be gaining at all with this plan.”