SIOUX FALLS, S.D. (KELO AM) - President Trump today unveils the broad strokes of his tax overhaul package which includes cutting the top corporate rate from 35% to 15%.
South Dakota Senator John Thune yesterday said that to get the economy back on track, the tax code must be reformed and burdensome regulations must be eliminated.
Thune says there are "some corporations that escape paying very little in taxes, but others end up paying the highest corporate tax rate in the developed world. Meanwhile, small businesses and family farms face high tax rates, at times exceeding those paid by large corporations."
Speaking on Fox Business earlier this week, Senator Mike Rounds says he wants to see reform done correctly, not quickly. Rounds says he does believe "the American people would love to see a tax reduction. I think that would help to stimulate the economy."
Round says he likes the idea that the border adjustment tax is not included. He thinks "that's a move in the right direction. Until we know what the real impact on the economy would be, and on the retaliation that may very well occur, I think that's a move in the right direction to not include that in anything."
Rounds says a piecemeal approach may be the best way to approach tax reform. Rounds is on the Senate Banking Committee.
The concern over Trump's tax cuts is the impact they will have on a worsening public debt.