Sen. John Cornyn said Wednesday that the Republican tax plan needs to include a lower corporate rate to make businesses competitive globally.
“Other countries have learned that if they lower rates and they’re more competitive, they can attract businesses that will literally move from the U.S. and elsewhere, where the tax rates are lower,” Mr. Cornyn, Texas Republican, said on Fox News.
The Senate Majority Whip argued that the Republican plan, which lawmakers unveiled on Wednesday, will lower the corporate rate to 20 percent down from 35 percent. Small businesses will also drop to a 25 percent rate. The plan also wants to incentivize businesses to bring money back to the U.S. that they currently have overseas, in hopes they’ll invest in job creation.
“This will be the best economic stimulus we could possibly pass here in Washington, D.C.,” Mr. Cornyn said.
But he did say the focus should be on U.S. families and allowing them to keep more of what they earn.
“We want a simpler tax code that will put more pay in your pocket when you take it home and reduce your cost of living so you can spend your money on your family, not have government spend it for you. This is really all about pursuing the American dream,” Mr. Cornyn said.