During his remarks at a last-minute Rose Garden press conference on Monday, President Trump said that he and Senate Majority Leader Mitch McConnell discussed overhauling the nation's tax code over lunch, complaining that the U.S. corporate rate of 35 percent puts the country at a competitive disadvantage with other countries, which charge a lower rate.
"When China's at 15 percent, when I hear that Ireland is going to be reducing their corporate rates down to 8 percent from 12, we can't be at 35 percent and think we're going to remain competitive in terms of companies and in terms of jobs," he argued.
According to the Office of the Revenue Commissioners for Irish Tax and Customs, Ireland's corporate tax rate is 12.5 percent.
The Corporate Tax Rate in Ireland used to be higher, especially in the late 1980s, reaching an all-time high of 50 percent in 1982 and a record low of 12.5 percent in 2003 where it presently stands.
Under the Trump, U.S. corporations would see their tax rates dropped from 35 percent to 20 percent. For individuals, the top tax bracket would likely drop from nearly 40 percent to 35 percent, and the bottom tax rate will increase from 10 percent to 12 percent.
Mr. Trump also claimed in his remarks that he "may" visit the Philippines during an overseas visit to various Asian countries. The White House, which confirmed his participation in various bilateral meetings with controversial Philippine president Rodrigo Duterte.
According to a White House statement on the trip, while in the Philippines, the president will participate in the Special Gala Celebration Dinner for the 50th Anniversary of the Association of Southeast Asian Nations (ASEAN). He is also set to celebrate the 40th anniversary of U.S.-ASEAN relations at the U.S.-ASEAN Summit.