Donald Trump, the presumptive Republican presidential nominee, pledged to lower the corporate tax rate to 20%, aiming to further reduce the income levy on the largest US companies.
Private Meeting with CEOs
Trump made the promise during a private meeting in Washington with approximately 100 chief executive officers, including Jamie Dimon of JPMorgan Chase & Co. and Tim Cook of Apple Inc. He labeled the 20% figure as a “nice, round figure,” according to sources briefed on the discussion.
Tax Policy and Regulatory Reform
In addition to advocating for a corporate tax cut, Trump vowed to make permanent the Republicans’ 2017 tax law, emphasizing the renewal of key provisions such as tax cuts for individuals and small businesses. He also expressed intentions to exempt tipped earnings from federal taxes.
Furthermore, Trump promised to slash regulations if reelected, criticizing the permitting process for energy projects and other purposes as burdensome regulation.
Fireside Chat with Larry Kudlow
Trump participated in a ‘fireside chat’ with Larry Kudlow, his former National Economic Council Director, during a quarterly meeting of CEOs hosted by Business Roundtable. He discussed economic priorities and regulatory reform, aligning with his vision for a second term.
Contrasting Visions with Biden Administration
Trump’s remarks stood in contrast with the economic priorities outlined by White House Chief of Staff Jeff Zients, representing the Biden administration. Zients emphasized Biden’s commitment to collaborating with the private sector to grow the economy, highlighting subsidies, infrastructure projects, and immigration reform.
Recognition of Corporate Executives
During the meeting, Zients acknowledged corporate executives he had worked with on various issues, including artificial intelligence and lowering prices, giving recognition to Tim Cook and Doug McMillon of Walmart Inc.
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