Trump wants to lower US tax rates closer to Irish levels

He cited several countries, including Ireland, as tax examples

Trump wants to lower US tax rates closer to Irish levels

President Donald Trump speaks about on tax reform at the Loren Cook Company in Springfield, Missouri | Image: Jeff Roberson/AP/Press Association Images

US President Donald Trump says he wants to bring US corporate tax rates closer to Irish levels.

The president has named Ireland as one of America's international competitors, as he outlined plans for tax reforms.

He wants US business taxes reduced to 15%, in a bid to bring American multi-nationals back to US soil.

The top US federal corporate tax rate is 35% - and some states can push corporate tax rates higher.

He was speaking at a rally in Springfield, Missouri.

Announcing his plans, Mr Trump claimed American businesses pay too much tax compared to other countries.

"The foundation of our job creation agenda is to fundamentally reform our tax code for the first time in more than 30 years.

"I want to work with Congress, Republicans and Democrats alike on a plan that is pro-growth, pro-jobs, pro-worker and pro-American."

"Today we are still taxing our businesses at 35%. And it's way more than that.

And think of it - in some cases way above 40% when you include state and local taxes in various states.

"The United States is now behind France, behind Germany, behind Canada, Ireland, Japan, Mexico, South Korea and many other nations".

"We're not surrendering anymore"

"We have massive trade deficits - numbers that you would not believe.

"But this administration is going to fix that - one by one we're fixing it.

"We're working right now on NAFTA - the horrible, terrible NAFTA deal that took so much business out of your state, out of your cities and towns.

"We're working on it, let's see what happens".

"We have gone from a tax rate that is lower than our economic competitors, to one that is more than 60% higher.

"We have totally surrendered our competitive edge to other countries. We have totally surrendered. We're not surrendering anymore."

"Ideally - and I say this for our Secretary of the Treasury - we would like to bring our business tax rate down to 15%, which would make our tax rate lower than most countries, but still, by no means the lowest, unfortunately, in the world.

"But it would make us highly competitive."

Read his speech in full here