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Cohn Says Tax Writers Have to Get Corporate Rate Below 23%

  • Trump has repeatedly pushed for taking the rate as low as 15%
  • Economic adviser says rate must compete with other countries’
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U.S. National Economic Council Director Gary Cohn talks about the importance of tax reform and the need to bring the U.S. corporate rate below the OECD average of 23 percent. He speaks on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)

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White House economic adviser Gary Cohn suggested that the U.S. must cut its corporate tax rate by at least a third to compete with other developed countries.

Cohn’s comments during a Bloomberg TV interview Friday may signal President Donald Trump’s call for a 15 percent corporate rate -- which would represent a far larger cut -- is a starting point for negotiations as the administration and congressional tax writers begin drafting legislation.