The President Donald Trump Wants Corporate Tax Rate of 15%

Virginia Gov. Terry McAuliffe, a Democrat who has met with the president's infrastructure team, told CNNMoney's Cristina Alesci on Monday that Trump's team is considering raising the gas tax to help pay for infrastructure upgrades, in addition to using other funding measures.

The federal government has not raised the excise tax on diesel and gasoline since 1993.

The reduction in the corporate rate, which budget experts said could, cost the government as much as $2.4 trillion over a 10-year period is larger than what Republicans in the House proposed in the plan of their own.

- The U.S. Highway Trust Fund for road building and maintenance has raided $143 billion from other parts of the government since 2008, the past year revenue from the federal motor fuel tax was enough to cover costs.

He said the reason the White House did not put more details into last week's tax blueprint is because the president wants to work with Congress on getting it done. The tax plan is "our version" of a job creation bill, Mr Mnuchin said.

Mnuchin said he has been working with congressional leaders to push tax reform and he hopes for bi-partisan support.

Asked if he'd rule out a gas tax increase, House Ways and Means Committee Chairman Kevin Brady, R-Texas, told reporters Monday, "In my view, yes".

The gas tax is the rare tax increase that enjoys support from businesses most likely to bear the higher costs.

Treasury Secretary Steven Mnuchin, left, and National Economic Council Director Gary Cohn unveil the Trump administration's tax reform proposal in the White House briefing room on April 26.




A committee aide said later that Mr. Brady's answer reflected an assumption that infrastructure tax issues will be addressed separately by other House committees.

The conservative group Club for Growth immediately urged Trump to forget it.

'What the president said during that interview was that folks from the industry had come to him and expressed to him how the deteriorating roads were affecting their ability to deliver goods and services throughout this country, ' Spicer explained.

The report breaks down the state of infrastructure in 16 different categories.

Higher-income households could receive tax cuts of up to $250,000, middle-class families would get around $2,200 and lowest-income households would receive a measly $128, according to a 2015 33-page analysis of Trump's tax proposal from Tax Policy Center.

David Solomon, president and co-chief operating officer of Goldman Sachs, said the great sense of optimism early in Trump's tenure may be fading some. But it actually just outlines the vague, detail-devoid comments Trump made about tax reform during the presidential campaign.

"What's totally unclear, how to pay for all these tax cuts without ballooning the deficit".

The administration's proposal would lower the corporate tax rate from 35 percent to 15 percent. Shuster's office didn't immediately comment on Trump's statement Monday.

Trump pledged the total tax cut would be the biggest in the history of the USA, and advisers said that the growth in the economy that it stimulates would make up for any revenue shortfall.

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