Donald Trump, JPMorgan Chase & Co. CEO Jamie Dimon and Apple Inc. CEO Tim Cook met on Thursday to discuss how he plans to improve the situation.
Attendees at the event stated that, if he were re-elected in November as president, he would give tax breaks to CEOs while reducing regulations for businesses.
CNBC interviewed people who attended and were familiar with the Business Roundtable’s quarterly meeting. All of them were anonymized so that they could freely discuss a private event.
According to those in attendance, Trump stated that if he were to return to the White House, he would lower taxes, including income tax, and restore the economic policies from his first term.
One person in that room said Trump’s message to the CEOs was, “We will continue to give the same and more over the next four-year period.”
Trump’s chances of winning the election have increased over recent months.
This is music to many. In contrast, President Joe Biden’s tax plans would take five trillion dollars more from individuals and businesses. Different estimates exist.
According to a report released by the U.S. Treasury on Monday, President Joe Biden’s proposed budget will increase tax revenue in the United States from $4.951 trillion to $4.951 trillion within the next 10 year period. These tax increases include over $2.7 trillion for businesses and nearly $2 trillion for wealthy individuals and their estates.
Trump talked for more than an hour, and he laid out his vision.
According to a source familiar with Trump’s remarks, if elected, Trump would lower the federal corporate tax rate from 21% down to 20%.
People in the room said that Trump mentioned to the CEOs his recent proposal in Nevada to eliminate taxes on employee tips. Trump told the corporate leaders that tipped employees were excited about his proposal. They laughed.
Bloomberg reported on the fact that a business tax rate of 1%, while it may not seem like much at first glance, is actually quite significant.
Sources briefed about Trump’s remarks claim that he called 20 percent a “nice, round number”.
Trump couldn’t help but make fun of the president. He said: “We need a President who is at their peak of their games, and let’s be honest, this president’s not at his peak.”
This is the reaction to Biden’s social media campaign.
Biden campaign on Trump speaking at business roundtable in DC today:
“Donald Trump couldn’t run a lemonade stand, let alone our country. He is a fraud, a crook, and a failed businessman and president who left America in economic ruin.”
— Kellie Meyer (@KellieMeyerNews) June 13, 2024
Biden : Did you miss that Trump built a multibillion-dollar business? At the time he left office, inflation was just 1.4 percent.
