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Congress Wants This $2 Trillion Tax Break. U.S. Companies Don’t

  • Lobbying group for AT&T, Verizon says rate is top priority
  • White House’s Short: Low rate is better for economic growth
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OMB's Mulvaney Says Trump's Focused on 15% Tax Rate

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Congressional tax writers want to offer U.S. companies an “unprecedented” way to slash their tax bills by investing in new equipment. But firms that stand to benefit most are saying no thanks, just give every company a bigger rate cut.

A lobbying group for companies including AT&T Inc., Verizon Communications Inc. and Intel Corp. -- all of which were among the biggest spenders on equipment and facilities over the past 12 months -- says a major cut to the current 35 percent corporate tax rate is the better way to drive economic growth.