US corporate tax may be cut to 20%

Republican tax negotiators are targeting a US corporate tax rate of 20%, much higher than President Donald Trump wants — setting up a key decision for the president on a top legislative priority.

President Trump has called for cutting the corporate rate to 15%, down from the current 35%. The plan he’ll see this week is also expected to recommend cutting the top individual tax rate to 35%, down from 39.6%, according to sources.

President Trump and treasury secretary Steven Mnuchin have said previously that they didn’t want the tax plan to offer any tax cut to the highest earners —and that they’d balance a rate cut by eliminating deductions that the wealthy use to cut their tax bills.