Economics
Business Groups See ‘Home Run’ With Trump Corporate Tax Cut
- Manufacturers call 15% corporate rate ‘definitely positive’
- Lobby groups say more details needed on spending, R&D breaks
Could 'Trumponomics' Work for the U.S. Economy?
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Small-business and manufacturers’ groups praised a proposal by Republican presidential candidate Donald Trump to take the U.S. federal corporate tax from the highest to one of the lowest among developed nations.
Trump included a call for a 15 percent corporate rate in a Detroit speech where he outlined other tax and economic reforms. Business groups have long said their members are hurt because U.S. companies pay the most federal income tax -- a 35 percent rate, though the effective rate is often lower -- among the 35 countries in the Organization for Economic Cooperation and Development.