President Trump is backing off his goal of a 15 percent corporate tax rate as Republicans negotiate a tax reform package, the top Senate tax writer said Monday.
"I think the president has probably come off of that particular figure recently," Senate Finance Committee Chairman Orrin Hatch of Utah said in an interview aired on Fox Business.
Hatch is among the group of congressional leaders who have met several times with administration officials in recent weeks to seek to forge an agreement among Republicans on a plan that could clear the House and Senate this year.
In April, Trump set the goal of lowering the corporate tax rate from 35 percent to 15 percent. The 15 percent rate would place it closer to the developed countries with the lowest corporate tax rates. The current 35 percent rate is the highest among big economies, although most companies are able to avoid paying the full rate by using tax deductions, credits, and other breaks.
Hatch has not specified a goal for the corporate tax rate but said Monday that 15 percent would be "wonderful."
"If we could get them down to 25 percent or 20 percent, this country would turn around overnight," he added.
House Republicans have sought a target of 20 percent.
The lower the corporate tax rate, the more breaks must be eliminated if the plan is to avoid adding to the federal deficit. Republicans have disagreed about the best ways to raise revenue to offset rate cuts, and some eyed ways of passing tax legislation that would lower revenue.