Trump says China's business tax rate is 15% - it's actually much higher


President Donald Trump has been reaching out to Democrats to discuss a tax revamp.

Brady and other Republican leaders said Wednesday that they plan to release a new framework for tax legislation in roughly two weeks.

The budget director added during an interview on Bloomberg Television that the Trump administration wants to see a 15 percent corporate tax rate and that an overhaul should simplify Americans' ability to file taxes. That goal may be hard; 45 of the 48 Democratic senators signed a letter earlier this year that laid down three conditions for supporting tax legislation: that it not add to the federal deficit, that it not increase the burden on the middle class and that it go through the regular order process in Congress. "I think the wealthy will be pretty much where they are", he said.

Paul Ryan is the 54th Speaker of the U.S. House of Representatives. Now serving his tenth term in the House he represents Wisconsin's First Congressional District

But China has a standard corporate tax income rate of 25 per cent, according to the State Administration of Taxation.

Kevin Brady, the chief House tax writer, told the chamber's Republicans that White House advisers and congressional leaders working on a tax plan will release a framework the week of September 25. He's still hoping for a 15-percent rate "because that will bring us", he said, to a level similar to that of China and other countries.

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In a tweet, he said: "China has a business tax rate of 15 per cent".

Reed was among a bipartisan group that met with Trump Wednesday. Leaders plan to unveil some details later this month before handing the legislation off to tax writers on the House Ways and Means Committee.

"We want pro-growth tax reform that will get the economy going, that will get people back to work, that will give middle-income taxpayers a tax cut and that will put American businesses in a better competitive playing field so that we keep American businesses in America", the Wisconsin Republican told Associated Press reporters and editors on Wednesday.

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But legislators have not revealed what tax breaks they would eliminate to offset the revenue that would be lost from the dramatic tax rate reductions, which some economists have said could reduce government receipts by more than $5 trillion over 10 years. He said he would love to have the Democrats working with the GOP "but we're going to do it no matter what".

An analysis by the Washington-based Tax Policy Center found that under the one-page tax outline that the White House released in April, nearly 40 percent of the tax cuts would have gone to the top 1 percent of earners - giving those households an average annual tax cut of $270,000.

They're not saying no to tax cuts, just demanding that they be paid for and actually benefit people who need the help.

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