President Trump will oppose a plan put forward this week by a pair of Republican senators to expand access to the child tax credit because the proposal would require an increase in the corporate tax rate, White House deputy press secretary Raj Shah said Tuesday.
“[We support] the child tax credit. We also think that it’s important to make businesses more competitive," Shah told reporters traveling with Trump aboard Air Force One. "We would not support raising the corporate rate as outlined in that amendment.”
Sens. Marco Rubio, R-Fla., and Mike Lee, R-Utah, unveiled a proposed amendment to the Senate tax reform bill on Wednesday that would allow lower-income families to reap greater benefits from the child tax credit, even if they don't pay income taxes.
The Republican lawmakers proposed paying for the change by only lowering the corporate tax rate to 22 percent. The administration prefers cutting it to 20 percent.
Slashing corporate taxes has remained one of Trump's biggest priorities since the days of the presidential race.