Summary: We present budgetary and economic estimates for President Trump's proposed corporate income tax rate reduction from 21 percent to 20 percent.

Table 1. Conventional Revenue Estimate, Fiscal Years 2021-2030

Billions of Dollars, Change from Current-Law Baseline

Year	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2021-2030
Revenues	-7.0	-11.7	-13.0	-13.4	-13.8	-14.3	-15.2	-15.2	-15.0	-15.2	-133.7

Table 2. Economic Effects of Proposed Corporate Rate Drop

Percent Change from Baseline

Year	GDP	Capital	Average Hourly Wage	Hours Worked	Debt Held By The Public
2030	0.04%	0.14%	0.02%	-0.01%	0.87%
2040	-0.01%	0.02%	-0.02%	-0.03%	1.18%
2050	-0.10%	-0.21%	-0.10%	-0.04%	1.29%