“We’re going to fix that.”
US President Donald Trump has told the people of America at a rally that he wants to see the US corporate tax drop to 15%.
According to Reuters, Trump name checked Ireland alongside France, Germany, Canada and Mexico as countries with a low corporate tax rate.
Furthermore, he said that his country had “massive trade deficits” with these countries but this was something he was going to fix.
Will be leaving for Missouri soon for a speech on tax cuts and tax reform – so badly needed!
— Donald J. Trump (@realDonaldTrump) August 30, 2017
Trump said cutting the corporation tax to 15% would mean that the US would be able to regain its competitive edge over these countries.
Speaking at a visit to Loren Cook Company in Springfield, Missouri, Trump said:
“We must reduce the tax rate on American businesses so they keep jobs in America, create jobs in America and compete for workers right here in America,” Trump said in a speech aimed at shoring up support for a broad tax-cut plan.
“Ideally … we would like to bring our business tax rate down to 15%.”
Currently, the US corporate tax rate is 35% and reducing it by 20% would encourage existing US businesses in Ireland to relocate and this would affect Ireland in later life as they would also miss out on future expansion.
There are two rates of corporation tax in the Republic of Ireland: 12.5% for trading income and 25% for non-trading income.
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