Difficult to cut U.S. corporate tax rate below 26 percent: studyWASHINGTON (Reuters) - U.S. President Donald Trump and Republicans in Congress would have a hard time slashing the corporate tax rate to below 26 percent, even if they eliminated nearly every business tax preference, according to a study released on Wednesday. The analysis by the Tax Policy Center, a nonpartisan think tank, found Republicans might have to expand the federal budget deficit to cut the corporate rate to Trump’s proposed 15 percent or to the 23 percent level sought by leading tax policymakers from Congress and the administration. The corporate income tax rate is now 35 percent, although many companies pay far less than that thanks to abundant loopholes. “There’s a lower boundary on this and it’s much higher than what the president and congressional Republicans say,” said Howard Gleckman, a senior fellow at the center. “The most likely outcome is that they’re not going to reduce corporate taxes as much as they’d like to,” he said. Republicans have vowed to slash business tax rates, saying it would boost economic growth and help create jobs. Eliminating tax breaks are a main focus of closed-door negotiations on Capitol Hill and in the White House. But no policymakers have gone as far as the Tax Policy Center did in its study, measuring the impact of throwing out hundreds of tax breaks, including subsidies for research, alternative energy, fossil fuels and domestic manufacturing. “In a revenue-neutral bill, Congress can’t get the rate below 26 percent even if it eliminates nearly every corporate tax expenditure,” Gleckman said in a blog posting accompanying the study.  White House officials and conservatives in Congress, including Senator Ted Cruz, have called for deficit-funded tax cuts as a way to spur economic growth. But analysts warn that expanding the deficit would undermine economic growth by raising the federal debt burden and forcing interest rates higher. Gleckman said policymakers could pay for tax cuts by finding new sources of revenue to compensate for lower rates, rather than expanding the deficit. But Republicans have already rejected revenue-raising options, including a border adjustment import tax and a carbon tax. The study was funded by the nonprofit Peter G. Peterson Foundation. politicsNews
difficult cut corporate tax rate percent studywashington reuters president donald trump republicans congress would hard time slashing corporate tax rate percent even eliminated nearly every business tax preference according study released wednesday the analysis tax policy center nonpartisan think tank found republicans might expand federal budget deficit cut corporate rate trump proposed percent percent level sought leading tax policymakers congress administration the corporate income tax rate percent although many companies pay far less thanks abundant loopholes there lower boundary much higher president congressional republicans say said howard gleckman senior fellow center the likely outcome going reduce corporate taxes much like said republicans vowed slash business tax rates saying would boost economic growth help create jobs eliminating tax breaks main focus negotiations capitol hill white house but policymakers gone far tax policy center study measuring impact throwing hundreds tax breaks including subsidies research alternative energy fossil fuels domestic manufacturing in bill congress get rate percent even eliminates nearly every corporate tax expenditure gleckman said blog posting accompanying study white house officials conservatives congress including senator ted cruz called tax cuts way spur economic growth but analysts warn expanding deficit would undermine economic growth raising federal debt burden forcing interest rates higher gleckman said policymakers could pay tax cuts finding new sources revenue compensate lower rates rather expanding deficit but republicans already rejected options including border adjustment import tax carbon tax the study funded nonprofit peter peterson foundation politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Difficult to cut U.S. corporate tax rate below 26 percent: studyWASHINGTON (Reuters) - U.S. President Donald Trump and Republicans in Congress would have a hard time slashing the corporate tax rate to below 26 percent, even if they eliminated nearly every business tax preference, according to a study released on Wednesday. The analysis by the Tax Policy Center, a nonpartisan think tank, found Republicans might have to expand the federal budget deficit to cut the corporate rate to Trump’s proposed 15 percent or to the 23 percent level sought by leading tax policymakers from Congress and the administration. The corporate income tax rate is now 35 percent, although many companies pay far less than that thanks to abundant loopholes. “There’s a lower boundary on this and it’s much higher than what the president and congressional Republicans say,” said Howard Gleckman, a senior fellow at the center. “The most likely outcome is that they’re not going to reduce corporate taxes as much as they’d like to,” he said. Republicans have vowed to slash business tax rates, saying it would boost economic growth and help create jobs. Eliminating tax breaks are a main focus of closed-door negotiations on Capitol Hill and in the White House. But no policymakers have gone as far as the Tax Policy Center did in its study, measuring the impact of throwing out hundreds of tax breaks, including subsidies for research, alternative energy, fossil fuels and domestic manufacturing. “In a revenue-neutral bill, Congress can’t get the rate below 26 percent even if it eliminates nearly every corporate tax expenditure,” Gleckman said in a blog posting accompanying the study.  White House officials and conservatives in Congress, including Senator Ted Cruz, have called for deficit-funded tax cuts as a way to spur economic growth. But analysts warn that expanding the deficit would undermine economic growth by raising the federal debt burden and forcing interest rates higher. Gleckman said policymakers could pay for tax cuts by finding new sources of revenue to compensate for lower rates, rather than expanding the deficit. But Republicans have already rejected revenue-raising options, including a border adjustment import tax and a carbon tax. The study was funded by the nonprofit Peter G. Peterson Foundation. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: difficult cut corporate tax rate percent studywashington reuters president donald trump republicans congress would hard time slashing corporate tax rate percent even eliminated nearly every business tax preference according study released wednesday the analysis tax policy center nonpartisan think tank found republicans might expand federal budget deficit cut corporate rate trump proposed percent percent level sought leading tax policymakers congress administration the corporate income tax rate percent although many companies pay far less thanks abundant loopholes there lower boundary much higher president congressional republicans say said howard gleckman senior fellow center the likely outcome going reduce corporate taxes much like said republicans vowed slash business tax rates saying would boost economic growth help create jobs eliminating tax breaks main focus negotiations capitol hill white house but policymakers gone far tax policy center study measuring impact throwing hundreds tax breaks including subsidies research alternative energy fossil fuels domestic manufacturing in bill congress get rate percent even eliminates nearly every corporate tax expenditure gleckman said blog posting accompanying study white house officials conservatives congress including senator ted cruz called tax cuts way spur economic growth but analysts warn expanding deficit would undermine economic growth raising federal debt burden forcing interest rates higher gleckman said policymakers could pay tax cuts finding new sources revenue compensate lower rates rather expanding deficit but republicans already rejected options including border adjustment import tax carbon tax the study funded nonprofit peter peterson foundation politicsnews