Former President Donald Trump met with some of America’s most powerful business leaders this week and expressed his intention to once again reduce corporate taxes. According to sources, Trump shared his plan to cut the corporate tax rate to 20%, down from its current rate of 21%. The meeting took place in Washington and included about 100 corporate leaders, such as JPMorgan CEO Jamie Dimon, Apple CEO Tim Cook, and Walmart CEO Doug McMillon.
Trump has emphasized that extending the 2017 Tax Cuts and Jobs Act, one of his key accomplishments during his presidency, is a top priority for a potential second term. The Tax Cuts and Jobs Act, which has faced criticism from Democrats, is set to expire in 2025. Extending it could come at a cost of $4.6 trillion, as estimated by the Congressional Budget Office.
During the meeting with the Business Roundtable lobbying group, Trump discussed his desire to lower the corporate tax rate to 20% as he believes it will create more jobs and enhance the country’s global competitiveness. Additionally, Trump expressed his interest in making all the tax cuts from 2017 permanent. He also touched on topics like the border, inflation, and energy, emphasizing the need for increased oil production.
A Trump campaign official confirmed that Trump’s statements about tax cuts were reported by various media outlets, including The New York Times. Trump’s intention to reduce corporate taxes and extend tax cuts continues to generate discussions on the economic implications it could have.