House Republican support grows for corporate tax increase, threatening key part of Trump’s economic legacy

Up to 10 Republican House lawmakers are open to increasing the corporate tax rate, a senior GOP member estimated, possibly threatening Donald Trump’s future plans if he is reelected.

Trump’s 2017 tax cuts lowered the corporate tax rate from 35% to 21%, a move hailed by businesses. But that levy, along with a host of other lower rates, is set to expire at the end of 2025 and some Republicans are balking at the $4.5 trillion price tag of extending them, setting up a major policy fight for the next president.

If Republicans manage to retain control of the House in November, they are likely to have a thin majority, making every vote count, especially on major policy issues like the future of Trump’s tax cuts. The ex-president, boosted by Joe Biden’s poor debate performance last week, also wants to lower the corporate rate slightly further to 20% if he retakes the White House.