At a CEO gathering, Trump pledged additional tax reductions.
At a meeting with CEOs in Washington on Thursday, Trump revealed his desire to reduce the corporate tax rate from the current 21% to 20%.
The confidential gathering with approximately 100 business executives, including the heads of major companies like JPMorgan, Apple, and Walmart, was attended by Trump. Jamie Dimon, Tim Cook, and Doug McMillon, respectively.
It's well-known that Trump plans to focus on extending the 2017 Tax Cuts and Jobs Act, which is one of his major accomplishments thus far in the White House, during his second term. This legislation, which has come under fire from the left, is set to expire at the end of 2025 and could cost $4.6 trillion, according to the Congressional Budget Office, with an even deeper tax cut adding to the overall cost.
During the discussion at the influential Business Roundtable lobbying group, Trump emphasized the symbolism of the number 20, stating that it would create more jobs and position the United States as a more competitive player on the global stage.
The president also expressed his intention to make all the tax cuts from 2017 everlasting and discussed with the CEOs various issues such as the border, inflation, and energy, including the need for increased oil production.
A representative from the Trump campaign has confirmed that the president wishes to make the 2017 tax cuts permanent and lower the corporate tax rate to 20%.
Media outlets such as the New York Times have previously reported on Trump's comments regarding tax cuts.
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In the context of Trump's tax reform plans, investing in businesses could potentially benefit from the proposed reduction of the corporate tax rate. This tax reduction, aimed at reducing the current rate of 21% to 20%, could be a significant incentive for businesses to invest and grow.
During his discussion with CEOs, Trump emphasized the importance of making the 2017 tax cuts permanent, which could incentivize long-term business investments within the United States.
