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McConnell backs corporate tax rate of 20%

U.S. Senate Majority Leader Mitch McConnell said the corporate tax rate in the final version of the Tax Cuts and Jobs Act should remain at 20%.

"I think the corporate rate should be at 20," McConnell told reporters Tuesday, Dec. 5. "Both bills are at 20%."

McConnell's remarks follow comments from President Donald Trump over the weekend, in which he suggested that the rate could be 22% or 20%, adding that "we'll see what ultimately comes out."

The head of the White House budget office said the administration has not changed its position on corporate taxes, but it would look at small changes on "a case-by-case basis."

"I think what you heard the president say is, 'Look, we're very close to the finish line,'" Mick Mulvaney said on "Face the Nation" Dec. 3. "You know he's wanted a 15% rate from the very beginning. That moved to a 20% rate as part of the discussion. My understanding is that the Senate has a 20% rate now, the House has a 20% rate now. We're happy with both of those numbers."

The Senate is expected to vote to send its version of the Tax Cuts and Jobs Act to a conference committee this week. The House of Representatives voted Dec. 4 to send its plan to conference. Five of the 10 House Republicans on the conference committee are Ways and Means Committee members, including Chairman Kevin Brady. House Democrats have not yet named their conferees.