On Tuesday, former President Donald Trump made it clear that he expects business executives and shareholder representatives to fully support him or face termination. In a post on his social media website, Truth Social, Trump stated that anyone who is not fully behind him should be fired for incompetence. This comes after an article from The Wall Street Journal on Monday compared corporate tax rates between the Biden and Trump administrations.
The article mentioned that corporations benefitted from tax cuts during Trump’s first term and would benefit again if he wins re-election. However, Trump’s recent roundtable meeting with business executives in Washington, D.C., where some CEOs expressed disappointment in his vague policy proposals regarding corporate taxes and regulations, has raised concerns among some of his supporters.
Meanwhile, President Biden has criticized Trump’s tax policies, warning that if Trump is re-elected, taxes will be cut for the wealthy while working families will suffer. Biden’s campaign spokesperson responded to Trump’s post by highlighting the differences between the two candidates in terms of helping working families and the wealthy.
Biden has proposed increasing corporate taxes from 21% to 28%, imposing a 25% minimum income tax on billionaires, raising marginal tax rates on high incomes, and increasing taxes on capital gains for the wealthy. These proposals are part of Biden’s efforts to reverse Trump’s tax breaks and generate new revenue. As the election season continues, it remains to be seen how businesses will respond to these competing visions for the future of corporate tax policy in America.
