Although the 2017 GOP tax law proved unpopular, the former president is eyeing deeper cuts to the corporate rate.
for his 2017 tax law, according to Stephen Moore, an outside economic adviser to Trump. The 2017 law slashed the corporate tax rate from 35 percent to 21 percent while also ending some business loopholes, but congressional Republicans resisted Trump’s attempts to reduce it even further.to prevent nations from competing against one another by lowering tax rates below that level.
Trump’s proposal to slap a 10 percent tariff on all imports to the United States is also spurring discussion among his allies. The Tax Foundation, a conservative-leaning think tank that opposes tariffs, found that such a measure could raise $300 billion per year in additional government revenue, or roughly $3 trillion over 10 years, although the amount would decrease over time as consumers imported fewer goods.
Laffer and Moore do not favor the Alaska dividend proposal but said there are many options for how the revenue from the tariff could be used, including to pay down the growing national debt.“If you were going to do this tariff, you’d have to offset it with other tax cuts. That’s what we’ve been talking about: What would be the most efficient tax cut to offset the impact of the tariff?” Moore said.Other hurdles could emerge for Trump’s tax plans.
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