As President Trump mulls a second round of corporate tax cuts, this time targeting capital gains, his initial reduction of the corporate tax rate from 35 percent to 21 percent remains controversial in many quarters. Sen. Elizabeth Warren, for one, wants to roll it back, should she be re-elected to the Senate on Nov. 6 (or to the Oval Office come 2020). And wealthy donors have vowed to help Democratic candidates running specifically against Republicans who voted for the tax bill.
Initial estimates show that revenues from the corporate income tax are down relative to GDP. Yet partisans of the tax cut have suggested that it will stimulate investment, and that the resulting economic growth would potentially more than make up for the loss in revenues.
