Trump proposes tax cut for CEOs, while Biden touts support for global alliances

WASHINGTON (AP) Former President Donald Trump told an influential group of CEOs he wants to further reduce the corporate tax rate he lowered during his term, while President Joe Biden's chief of staff told them separately that the incumbent Democrats' emphasis on global alliances would help. their businesses.

Trump, the presumptive Republican nominee, and Jeffrey Zients met behind closed doors Thursday at the Business Roundtable in Washington, with Zients replacing Biden at the president's meetings with Group of Seven leaders in Italy. The prominent group representing more than 200 CEOs just launched an effort to preserve the corporate tax breaks that Trump signed into law in 2017.

Neither side has commented publicly on what was said during the meeting, which comes as Biden and Trump head toward a rematch in 2020 with very different views on taxes and the economy.

Trump has said he would like to cut the corporate tax rate by a percentage point, or even 20%, according to a person familiar with his comments who insisted on anonymity to discuss the closed-door meeting . The former president focused his remarks on taxes, inflation and the need to increase oil production, the source said.

Another person familiar with the conversations said Zients argued that America's global reputation and independent institutions such as the Federal Reserve fostered the kind of trust around the world that allowed American capitalism to thrive. The statements constitute an attack on Trump's camp, as the former president had previously hit allies with tariffs and sought greater control over Fed policies.

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Zients said the post-pandemic economic recovery was possible in part because the Biden administration worked with businesses on issues such as supply chains, the person said. And he told CEOs that Trump's promises to deport millions and wage possible trade wars could drive up inflation. The person also insisted on anonymity to discuss details of the meeting, having not been authorized to do so publicly.

AP correspondent Norman Hall reports on the Biden and Trump campaigns' policy presentations to CEOs.

The Business Roundtable has made lower taxes its top legislative priority. The group said it would spend at least $10 million on a campaign to keep the corporate tax rate at 21 percent, promote business-friendly changes to the U.S. tax code and expand tax incentives for research and development.

Part of the 2017 tax cuts, which Trump signed into law as the president expires after 2025, will likely increase taxes on most American households. That sparks a showdown between Democrats and Republicans over how to rewrite the tax code.

Leaders from both parties want to maintain the cuts for those earning less than $400,000. But some Trump supporters want to expand the tax cuts, including for businesses. Biden would like to raise the corporate tax rate to 28% and introduce higher taxes on the wealthy to fund programs for the middle class.

The Biden administration has also argued that tax cuts should be funded as part of a proposal, while the 2017 overhaul approved by Trump led to higher budget deficits as promised growth failed to materialize. materialized.

Recent economic research indicates that Trump's corporate tax cuts did indeed boost business investment, but not enough to allow for the additional growth needed to cover the cost of those tax cuts. The Congressional Budget Office estimates that a full extension of the expiring tax cuts would cost $4.9 trillion over 10 years, including additional interest on the debt. The federal government's public debt stands at nearly $27.6 trillion.

Business leaders say lower taxes make them more competitive globally. This allows them to hire more workers and invest in new technologies. This would in turn help boost growth.

BRT members from Cisco and Procter & Gamble told reporters Wednesday that higher rates would cause them to invest less in the United States.

Jon Moeller, P&G's CEO and chairman, said a tax increase would likely be passed on to consumers in the form of higher prices, limit wage growth for workers and be borne by shareholders.

Assuming that companies are big and strong and can absorb this is a bit naive about what will actually happen, Moeller said. It’s a societal impact.

Biden's budget proposal would increase corporate taxes by nearly $2.2 trillion over 10 years. More than half of this new revenue would come from revising the corporate tax rate to 28%, an increase even lower than the 35% rate Trump inherited.

Trump, meanwhile, has suggested that a corporate tax increase would have disastrous consequences for the country itself.

Biden also wants to raise taxes and increase taxes on businesses, which will lead to the destruction of your jobs and, you know what, it will eventually lead to the destruction of the country, Trump said at a rally in May .

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