The Trump administration’s pledge to slash the corporate tax rate faces an immovable obstacle: how to pay for the lost revenue that would come from the cuts.
On the campaign trail, President Trump vowed to gut the corporate rate from 35 percent to 15 percent, a plan central to the administration’s larger pro-growth economic agenda.
Details of a road map for tax reform have to yet to emerge from the White House. But Gary Cohn, Trump’s director of the National Economic Council, recently told CNBC that the administration is committed to advancing tax reform under the budget reconciliation process, which will require any changes to the tax code to be deficit-neutral over the next 10 years.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
