Ahead of his intended plan to run for the US elections in November this year, former United States President Donald Trump recently held a private meeting with 80 CEOs of some of the country’s biggest companies. In the meeting, sources say that Trump has promised a 20% tax cut for corporations and a cutting of tax from workers’ tips.
According to Bloomberg, some of those present in the meeting included JPMorgan Chase & Co.’s Jamie Dimon and Tim Cook of Apple Inc. Reuters also noted that Xerox CEO Steven Bandrowczak, Gap Inc. President Richard Dickson, and Truist CEO Bill Rogers were also seen exiting the meeting as well. Several executives from the banking industry were reported to be in the meeting, including Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan.
New Tax Scheme Proposed
With the current corporate tax currently being at 21%, multiple sources from the meeting noted that Trump opted for a 20% cut as it was a “nice, round figure”, adding that he will also bring back the same economic policies he enacted during his first term.
Moreover, Trump was reported to have told a recent proposal he rolled out in Nevada to eliminate taxes on workers’ tips. He even told the CEOs a story about how excited tipped workers were about his proposal, prompting laughter from the corporate leaders.
This roundtable meeting of Trump with the top business people echoed a “pro-business” mindset that the former Commander-in-Chief aims to continue should he become president once again.
“President Trump’s America First economic program will deliver middle-class tax cuts, record-setting regulation cuts, fair trade, abundant energy, low inflation, better wages and a restoration of the rule of law in America,” said Trump campaign spokesperson Karoline Leavitt.
Trump’s tax package has several measures that will expire in 2025. Although the legislation’s corporate tax rate is fixed, it can be changed by the approaching deadline. It is worth noting that Trump’s plans are a direct opposite of Biden’s, who notes that raising taxes on billionaires and big businesses, according to the current administration, would help the government save trillions of dollars over the next ten years.
Problematic Promise
However, it is also worth noting that Trump’s tax cuts during his presidency have also sparked controversy, with critics stating that his proposal back in 2017 was heavily skewed to favour the rich.
An analysis from the Center on Budget and Policy Priorities noted that the Trump administration’s tax policies severely eroded the country’s revenue base, and it also remarked on how it failed to deliver the promised economic benefits.
“The nation needs to raise more revenue, and the profligate corporate tax rate cut and how our tax code encourages companies to use offshore tax havens should be reined in,” according to the report.
The latest polls have shown no signs of Trump slowing down as he goes head-to-head with current president Joe Biden in the election later this year. The Republican candidate’s popularity is high despite the former president being recently convicted on 34 counts of felony crimes, mostly related to illegally influencing the 2016 election through hush money.
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