Reuters – US President Donald Trump has proposed a cut to corporate tax rates to 20 per cent by 2033, the White House said on Thursday.
The administration has been keen to cut US corporate taxes to a rate of 25 per cent after a historic election victory in November, but is currently aiming to cut them to a lower rate of 14 per cent.
The president has also proposed a $50 billion infrastructure plan, which is not set to be finalized until late 2017, but has the support of Republican congressional leaders.
The tax plan is likely to be discussed in the Oval Office on Friday.
“The administration will continue to pursue a fair, competitive and progressive tax code that helps create jobs and spur economic growth,” White House spokesman Scott McClellan said.
“We will not tax American companies to the detriment of American workers.”
Trump has also promised to slash the corporate tax to 15 per cent, a proposal which was rejected by Republicans.
Trump has said he will not seek a tax cut until he can prove to voters that he is the best way to deal with the problem of corporate tax avoidance.