“Under my plan, no American company will pay more than 15% of their business income in taxes. Limit taxation of business income to 15% for every business, from freelancers to the Fortune 500.”
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The Tax Cuts and Jobs Act (Public Law 115-97), signed December 22, 2017, cut the corporate rate from 35 percent to a flat 21 percent and created a deduction of up to 20 percent of qualified business income for pass-through owners - substantial business tax cuts, but short of the promised 15 percent ceiling for every business. As of 2026 the corporate rate remains 21 percent, and no law in either term has capped business income taxation at 15 percent. The direction of the promise was partly delivered; the specific 15 percent limit was not.
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