Published: Sun, September 17, 2017
Worldwide | By Gretchen Simon

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

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

House Speaker Paul Ryan on Wednesday said deporting hundreds of thousands of young immigrants brought into the country illegally is "not in our nation's interest", as he and President Donald Trump prepared to huddle with top Democrats to try to hash out a legislative fix.

President Trump continued to push publicly for a bipartisan effort to overhaul the tax code on Wednesday, as well as for an answer to the plight of undocumented immigrants brought to the children. And some conservatives were voicing concerns about Trump's newfound fondness for making deals with Democrats, as he did last week on the debt ceiling with House Minority Leader Chuck Schumer of NY and House Minority Leader Nancy Pelosi of California. But he also believes that codification of former President Barack Obama's Deferred Action for Childhood Arrivals program, which President Donald Trump will end in March, must include fortified border security and heightened immigration enforcement.

Ryan says, "The president wasn't negotiating a deal last night; the president was talking with Democratic leaders to get their perspective".

Ryan said, "There is no agreement".

On taxes, Trump himself added to the complications when he surprisingly declared, at a meeting with a bipartisan group of House members, that taxes on the wealthy would not go down under the GOP plan and might even go up. "The tax writers are going to take it from there on the details". Cutting the corporate tax rate from 35 percent to 15 percent, which Treasury Secretary Steven Mnuchin reaffirmed on Tuesday is the administration's goal, along with other promises like dropping the number of individual income tax brackets from seven to three, lowering income tax rates, eliminating the estate tax and more, means blowing a big hole in the budget. While the elements of that plan have yet to surface, if it resembles previous proposals from Trump and House Republican leaders, it would provide benefits for the nation's highest earners, based on various analysts' estimates. Trump has said that his goal is a 15 percent corporate rate - a goal he repeated Wednesday.

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"China has a business tax rate of 15%", he tweeted.

Representative Henry Cuellar, a Texas Democrat who also met with Trump Wednesday, said the president told the group: "I'm not asking you to go out there and sell a tax cut for the rich". He said he would love to have the Democrats working with the GOP "but we're going to do it no matter what". Though that plan may be in flux, various economists have said it would indeed represent a tax cut for the highest earners in the U.S.

Cruz, who opposed Trump for the Republican presidential nomination previous year, gave a speech Wednesday on his goals for tax legislation during an event sponsored by the Tax Foundation, a Washington policy group.

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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