Skip to main content

President Donald Trump says he wants to cut the corporate tax rate to 15% and give a tax break to the middle class, and that his top picks for the next chairman of the Federal Reserve include current chair Janet Yellen, and Gary Cohn, director of the National Economic Council.

Trump's comments came in a wide-ranging Oval Office interview with the Wall Street Journal Tuesday.

On the topic of taxes, the Journal quoted Trump as saying, "The people I care most about are the middle-income people in this country, who have gotten screwed." According to the report, Trump said he wants to bring the corporate tax rate down to 15%, and "if there's upward revision it's going to be on high-income people."

The Journal also reported that Trump said the U.S. and U.K. are in talks for a trade deal for when the U.K. leaves the EU, and that the administration is planning to renegotiate the North American Free Trade Agreement with Mexico and Canada. Additionally, Trump told the Journal that planned curbs on steel imports are being discussed internally, but indicated no immediate action is expected.

In addition to a tax overhaul, Trump's said he will prioritize national infrastructure improvements.

Trump also repeated that he was disappointed in Attorney General Jeff Sessions for recusing himself from the investigation into Russian involvement in the presidential election.

Scroll to Continue

TheStreet Recommends

During the interview, Trump blamed Sessions's recusal as the reason the Justice Department named Robert Mueller as special counsel. Mueller's appointment followed Trump's decision to fire former FBI Director James Comey. According to the Journal, when asked whether Mueller's job was safe, Trump replied: "I have no comment yet, because it's too early. But we'll see. We're going to see."

Trump's interview came on the same day the Senate voted to approve the motion to proceed to debate on the House-passed healthcare bill, also called the American Health Care Act. While no Democrats voted in favor of the bill, 50 Republicans voted for it while two -- Senator Susan Collins of Maine and Lisa Murkowski of Alaska -- voted against it. The resulting 50-50 tie was broken by Vice President Mike Pence, who serves as president of the Senate.

Republicans are scrambling uphold their promise to "repeal and replace" the Affordable Care Act. Senator John McCain of Arizona, who was recently diagnosed with brain cancer, returned to the Senate floor to cast his vote.

The Senate will now be able to consider amendments to the bill. The second-ranking Republican, Senator John Cornyn of Texas, has said there would be "endless amendments" if the motion to proceed was cleared.

Read more about the American Health Care Act and on related action in the healthcare sector.

Watch More from TheStreet: