Capitol Hill is pushing back against a report that the White House is seeking to cut the corporate tax rate from 35 percent to 15 percent, raising concerns that it would add trillions of dollars to the national debt. President Donald Trump is scheduled to unveil his broad principles for tax reform on Wednesday. According to The Wall Street Journal, the announcement is expected to include the 15 percent corporate rate that Trump proposed during the campaign. The Tax Policy Center estimates the move would reduce federal revenues by more than $2.4 trillion. "I don't know if he can get away with it," Sen. Orrin Hatch, chairman of the powerful Finance Committee, told reporters Monday. Republicans have been planning to use a parliamentary process known as reconciliation to pass a tax reform bill without support from Democrats. However, they cannot use the maneuver if the bill adds to the deficit after 10 years.

Not only can that not pass Congress, it cannot even begin to move through Congress. This is something that actually cannot be done. George Callas tax counsel to Paul Ryan, on a temporary business tax cut

Treasury Secretary Steven Mnuchin has repeatedly pledged that the administration's tax plan will pay for itself. He has not indicated support for any ways to raise revenue, such as the controversial border adjustment tax. Instead, Mnuchin has emphasized that the White House proposal will generate economic growth, which he argues should in turn lead to higher tax revenue from rising wages, higher employment and strong business sales. "You could have as high as a $2 trillion difference in revenues depending on what you think is going to be the growth function," Mnuchin said at a speech in Washington last week. "The plan will pay for itself with growth." The administration has said it hopes to spur economic growth of 3 percent, though Trump floated figures as high as 6 percent. The Congressional Budget Office estimates over the next decade range between 3 and 4 percent — a strong showing, but unlikely to be enough to offset such a dramatic reduction in the corporate rate, analysts say.