WASHINGTON, Sept. 15 (Xinhua) -- The U.S. Senate's top Republican tax law writer on Friday cast doubt on President Donald Trump's corporate tax cut aim, reflecting the rift between the president and Congress.
"Well, the president wants it down to 15 percent. That would be wonderful if we could get it down there," Chairman of the Senate Finance Committee Orrin Hatch told CNBC. "We'll be working on to try to do that. I sincerely doubt that we'll be able to get to that level on the corporate tax rates."
Hatch is one of the so-called "Big Six" who are leading the Republic tax reform efforts. The group also consists of House Speaker Paul Ryan and Ways and Means Committee Chairman Kevin Brady, Senate Majority Leader Mitch McConnell, U.S. Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn.
House Speaker Ryan said on Wednesday that an outline of the Republican tax reform plan that reflects the consensus of the two U.S. congressional tax committees and the Trump administration will be released during the week beginning Sept. 25.
Trump vowed to reduce the corporate tax to 15 percent to attract more companies to do business in the United States. The current corporate tax stands at 35 percent, the highest among developed economies.
Economists have long called for a lower corporate tax in the United States. The major hurdle is how to fund the cut.
As for the whole reform agenda, Hatch said it is realistic to pass a tax reform this year. However, "it's much harder than health care," he added.
