President Donald Trump suggested Saturday he may be willing to negotiate changes to a significant portion of the tax overhaul, the corporate tax rate, injecting an element of uncertainty into the tax plan only hours after it cleared the Senate. It could be 22 when it comes out, but it could also be 20. We’ll see what ultimately comes out.”Trump spoke after the Senate approved a $1.5-trillion tax bill early Saturday that would rewrite the nation’s tax code, cut individual rates and slash the corporate tax rate from 35 per cent to 20 per cent beginning in 2019. If enacted, the bill would provide the most sweeping changes to the tax system in three decades and help Trump deliver the first major legislative win of his presidency. Trump’s suggestion of a higher corporate tax rate than what has been included in legislation approved by the House and Senate represented an about-face after the president and administration officials maintained a hard line that a corporate rate higher than 20 per cent was a non-starter.

Source: thestar December 03, 2017 14:15 UTC