During a CEO meeting, Trump pledged additional tax reductions.
On a recent Thursday, Trump spoke with CEOs in a meeting in Washington. He shared his desire to reduce the current corporate tax rate of 21% to 20%. This source revealed the news.
Known for championing the 2017 Tax Cuts and Jobs Act during his term, Trump expressed that this would be a priority for his second term. The Act, often criticized by Democrats, is set to expire in 2025. If extended, it could cost $4.6 trillion, as revealed by the Congressional Budget Office. A deeper cut to the corporate rate might raise this cost even further.
While meeting with influential executives at the Business Roundtable lobbying group, Trump noted that a 20% rate feels more "rounded" and would help create more jobs by making the United States more competitive globally.
When asked for comment, the Trump campaign remained silent. This information has been previously reported by The New York Times and other media outlets.
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In the meeting, Trump expressed his intent to further reduce the corporate tax rate, which currently stands at 21%, to encourage more investing in business. This move, if implemented, could potentially make the United States more attractive for businesses globally.
