Trump Unveils Plan To Cut More Taxes

Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons

( – During a Business Roundtable event on Thursday, former President Trump proposed additional reductions to the corporate tax rate while addressing some of America’s leading executives, according to a source present at the meeting. Trump made his presentation shortly after White House Chief of Staff Jeff Zients had spoken to the CEOs. Although President Biden was invited, he was attending the Group of Seven summit in Italy.

Trump was interviewed by Larry Kudlow, a Fox Business host and former National Economic Council Director during Trump’s administration. Zients’ interviewer was Comcast CEO Brian Roberts, another attendee disclosed.

In 2017, Trump’s signature legislation, the Tax Cuts and Jobs Act, reduced the corporate tax rate to 21%. Trump expressed his desire to make these cuts permanent and further reduce the corporate rate to 20%, according to Trump campaign spokesperson Jason Miller, who spoke to The Hill.

Miller also mentioned that Trump discussed a proposal for exempting tips in the service industry from taxes, which he had introduced at a rally in Las Vegas. This proposal reportedly received a positive reception.

Details of the discussions at this private, off-the-record meeting were not officially disclosed by the Business Round and able spokesperson.

Trump’s tax proposals starkly differ from President Biden’s, who has advocated for increased taxes on billionaires and large corporations as the November election approaches. The Business Roundtable, a lobbying organization, represents over 200 CEOs from the nation’s largest companies.

Among the prominent figures at the event were Apple’s Tim Cook, Walmart’s Doug McMillon, United Airlines’ Scott Kirby, Procter & Gamble’s Jon Moeller, and Cisco Systems’ Chuck Robbins.

Trump’s Washington, D.C. visit also included a meeting with Congressional members, where he aimed to unify Republican lawmakers ahead of the 2024 election.

While some provisions of Trump’s tax law are set to expire in 2025, the corporate tax rate is permanent unless changed by new legislation. Discussions within the GOP vary, with some advocating for further cuts, while others, influenced by the Biden administration’s proposals, consider increases to address fiscal challenges.

During his interview, Zients was questioned about how the Biden administration views the impact of corporate tax increases on business competitiveness. He emphasized the need for additional revenue and a stable fiscal environment, suggesting that it is possible to achieve these goals while maintaining competitive business conditions.

The U.S. national debt stands significantly high, and while there is a general agreement on the need to address fiscal issues, there is resistance against solving these through increases in business taxes. Moeller, chair of the Business Roundtable’s tax and fiscal policy committee, argued that raising business taxes is not the solution, emphasizing the role of businesses in maintaining a competitive and thriving U.S. economy.

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