Former President Donald Trump told some of America’s most powerful business leaders this week that he plans to once against slash corporate taxes, four people familiar with the matter told CNN.
During his meeting on Thursday with CEOs in Washington, Trump told the executives he wants to cut the corporate tax rate to 20%, down from 21% currently, the sources said.
Trump met privately with roughly 100 corporate leaders, including JPMorgan CEO Jamie Dimon, Apple CEO Tim Cook and Walmart CEO Doug McMillon, according to one of the people familiar with the matter.
Trump has previously said that one of his core issues for a second term would be extending the 2017 Tax Cuts and Jobs Act, one of his signature achievements in office.
Those tax cuts, widely criticized by Democrats, are set to expire at the end of 2025 and extending them could cost $4.6 trillion, according to the Congressional Budget Office.
An even deeper cut to the corporate rate could add to the cost.
Trump, meeting with CEOs at the powerful Business Roundtable lobbying group, said he wants to lower the rate to 20% because it’s a round number and would boost jobs by making the United States more competitive on the global stage, the person familiar with the matter told CNN.
Trump said he wants to make all of the tax cuts enacted in 2017 permanent and also discussed with the CEOs the border, inflation and energy — including the need for more oil production, sources said.
A Trump campaign official confirmed to CNN that Trump said he’d like to make all of the 2017 Trump tax cuts permanent and lower the corporate rate to 20%.
Trump’s comments on tax cuts were previously reported by the New York Times and other outlets.
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