In breaking news, Former President Donald Trump has revealed his plans to once again slash corporate taxes, according to sources familiar with the matter. During a meeting on Thursday with CEOs in Washington, Trump expressed his intention to reduce the corporate tax rate to 20%, down from the current 21%. Among the roughly 100 corporate leaders in attendance were JPMorgan CEO Jamie Dimon, Apple CEO Tim Cook, and Walmart CEO Doug McMillon.
Trump’s proposal to cut corporate taxes is in line with his previous statements on extending the 2017 Tax Cuts and Jobs Act, a key achievement during his time in office. The cost of extending these tax cuts, set to expire in 2025, could amount to $4.6 trillion, as estimated by the Congressional Budget Office. Trump’s plan for an even deeper cut to the corporate rate could further increase this cost.
Speaking at a meeting with the Business Roundtable lobbying group, Trump emphasized the need to lower the corporate tax rate to 20% to enhance job creation and bolster the country’s competitiveness in the global market. He also discussed making all the tax cuts enacted in 2017 permanent, as well as addressing issues such as the border, inflation, and energy production.
A Trump campaign official confirmed that the former President aims to make the 2017 tax cuts permanent and reduce the corporate rate to 20%. These developments on tax cuts were first reported by the New York Times and other news outlets.
