Economics
Trump’s Corporate Tax Rewrite Faces Major Obstacle: Its Cost
- Deficit issue seen limiting plan’s duration and effectiveness
- Temporary cuts might discourage investment of offshore profit
Trump's 'Phenomenal' Tax Plan Is Fewer Than 250 Words
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President Donald Trump offered corporate America a sweeping tax vision whose ultimate promise of lower rates and more global competitiveness depends on one thing: longevity. Given the plan’s uncertain costs, longevity may be one thing the proposal can’t deliver.
The tax plan released Wednesday by top economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin provided much for multinational corporations to rejoice over -- it calls for slashing the corporate income tax rate to 15 percent from 35 percent and applying a one-time, low rate to an estimated $2.6 trillion in offshore profits that have so far avoided U.S. taxes.