Trump Proposes Lowering Corporate Tax Rate to 20% in Meeting with CEOs

Washington D.C., District of Columbia United States of America
Former President Donald Trump expressed intention to lower corporate tax rate from 21% to 20% during a meeting with CEOs from Business Roundtable
Some CEOs expressed skepticism about Trump's ability to follow through on tax promise, while others were receptive but wanted clarification
Trump's proposal could have substantial impact on federal revenues, as corporate income taxes contributed approximately $420 billion to federal revenues in 2023
Trump Proposes Lowering Corporate Tax Rate to 20% in Meeting with CEOs

Former President Donald Trump has expressed his intention to further reduce corporate taxes if he is elected back into power. During a meeting with CEOs from the Business Roundtable, Trump stated that he wants to lower the corporate tax rate from its current level of 21% to 20%. This proposal was met with mixed reactions from the executives in attendance.

Trump's pitch for lower taxes came as part of a broader conversation about policy proposals and business regulations. The meeting, which took place on June 14, 2024, saw Trump speaking for approximately an hour to the group of influential business leaders. Among those present were Tim Cook from Apple, Jamie Dimon from JPMorgan Chase, Doug McMillon from Walmart, and Charles W. Scharf from Wells Fargo.

Despite his previous success in cutting corporate taxes during his first term, some CEOs expressed skepticism about Trump's ability to follow through on this promise. Others were more receptive to the idea but wanted clarification on how he planned to accomplish it.

Trump's tax proposal is significant because it could have a substantial impact on federal revenues. In 2023, corporate income taxes contributed approximately $420 billion to federal revenues, according to the Congressional Budget Office.

The Business Roundtable meeting was not the only high-profile event on Trump's schedule that day. Earlier in the day, he met with House Republicans on Capitol Hill and received several rounds of applause during his remarks. In contrast, there was no noticeable applause for Trump during the Business Roundtable event.

Trump's low-key energy at the meeting could have been deliberate. One attendee suggested that he wanted the CEO meeting to be 'more like a business meeting than a speech.'

The tax proposal is just one of several policy issues that Trump discussed during the meeting. He also touched on deregulation, inflation, and supply chains.

Meanwhile, President Joe Biden's team was touting his support for global alliances during the G7 summit in Italy. Jeffrey Zients, Biden's chief of staff, met with the Business Roundtable in Washington to represent him at the event.


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Confidence

85%

Doubts
  • It's unclear if Trump has a concrete plan to accomplish the tax reduction
  • The mixed reactions from CEOs may indicate uncertainty about the feasibility of Trump's proposal

Sources

80%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

CEOs at Trump meeting: Ex-president ‘meandering’ and ‘doesn't know what he's talking about’

CNBC News Christina Wilkie, Friday, 14 June 2024 19:01
  • Unique Points
    • Trump expressed his intention to reduce corporate tax rate further, from 21 percent to 20 percent if he regained power.
  • Accuracy
    • Former President Donald Trump failed to explain how he planned to accomplish his policy proposals, according to multiple attendees.
    • Trump did not keep a straight thought during the meeting and was described as meandering.
    • Trump discussed bringing corporate tax rate down from 21% to 20%, explaining it as a round number.
  • Deception (30%)
    The article contains selective reporting as it only reports details that support the authors' position of Trump's lack of focus and inability to explain his policy proposals. The authors quote several CEOs who were critical of Trump, but do not provide any quotes or information from CEOs who may have had a positive view of the meeting. Additionally, there is emotional manipulation through the use of words like 'meandering,' 'could not keep a straight thought,' and 'all over the map' to paint a negative image of Trump.
    • Several CEOs said that [Trump] was remarkably meandering, could not keep a straight thought [and] was all over the map
    • At one point, he discussed his plan to bring the corporate tax rate down from 21% to 20% ... And he said, 'Well, it's a round number.'
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (95%)
    The authors report on the CEOs' perceptions of Trump's performance at a meeting, stating that he 'didn't know what he was talking about', 'meandering', and 'could not keep a straight thought'. These statements reflect an negative bias towards Trump.
    • He was remarkably meandering, could not keep a straight thought
      • Trump doesnt know what he's talking about
      • Site Conflicts Of Interest (100%)
        None Found At Time Of Publication
      • Author Conflicts Of Interest (100%)
        None Found At Time Of Publication

      96%

      The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
      (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

      A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

      In CEO meeting, Trump promised more tax cuts

      CNN News Site: In-Depth Reporting and Analysis with Some Financial Conflicts and Sensational Language Matt Egan, Friday, 14 June 2024 11:56
      • Unique Points
        • Former President Donald Trump plans to once again slash corporate taxes.
        • Trump wants to cut the corporate tax rate to 20% from its current rate of 21%.
        • Trump has previously said that one of his core issues for a second term would be extending the 2017 Tax Cuts and Jobs Act.
      • Accuracy
        • Former President Donald Trump wants to cut the corporate tax rate to 20% from its current rate of 21%.
        • Trump expressed his intention to reduce corporate tax rate further, from 21 percent to 20 percent if he regains power.
        • Federal corporate tax rate would be brought down from 21 percent to 20 percent
      • Deception (100%)
        None Found At Time Of Publication
      • Fallacies (95%)
        The article reports on Trump's statements to CEOs about his plans to cut corporate taxes. The author does not commit any logical fallacies in their reporting of these statements. However, the article does contain some inflammatory rhetoric regarding the tax cuts being 'widely criticized by Democrats.' This is an appeal to emotion and a form of informal fallacy known as an appeal to popularity. It does not affect the accuracy or validity of the information presented in the article, but it lowers its score slightly.
        • The tax cuts, widely criticized by Democrats,
      • Bias (100%)
        None Found At Time Of Publication
      • Site Conflicts Of Interest (100%)
        None Found At Time Of Publication
      • Author Conflicts Of Interest (100%)
        None Found At Time Of Publication

      79%

      The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
      (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

      A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

      Trump offers CEOs a cut to corporate taxes. Biden's team touts his support for global alliances

      The Associated Press News Thursday, 13 June 2024 20:03
      • Unique Points
        • Former President Donald Trump expressed his desire to further reduce the corporate tax rate from 21% to 20% during a meeting with the Business Roundtable.
      • Accuracy
        • Trump expressed his desire to further reduce the corporate tax rate from 21% to 20% during a meeting with the Business Roundtable.
        • Trump did not explain how he planned to accomplish his policy proposals during the meeting with CEOs.
        • Trump was described as 'meandering', 'could not keep a straight thought', and 'all over the map' during the meeting with CEOs.
      • Deception (50%)
        The article contains selective reporting and editorializing. The author reports on Trump's desire to cut corporate taxes further and Biden's emphasis on global alliances without providing equal context for both sides. The author also implies that Trump's previous actions, such as imposing tariffs and seeking control over Fed policies, are negative jabs at his campaign. This editorializing is not disclosed to the reader.
        • The former president had previously hit allies with tariffs and sought greater control over Fed policies.
        • Zients made the case that America’s global reputation and its independent institutions such as the Federal Reserve fostered the kind of trust worldwide that allowed U.S. capitalism to thrive.
      • Fallacies (85%)
        The article contains several informal fallacies and appeals to authority. Trump's statements about the potential negative effects of Biden's tax proposals on jobs and the country are presented as facts without any evidence or context provided in the article. This is an example of an appeal to fear and a hasty generalization fallacy. Additionally, Zients' statements about Biden's emphasis on global alliances being beneficial for businesses are presented as facts without any evidence or context provided in the article. This is an example of an appeal to authority fallacy. The article also contains several instances of inflammatory rhetoric, such as referring to Trump's tariffs and attempts to control Fed policies as a 'jab at Trump's camp'.
        • Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden’s chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would help their businesses.
        • Trump said that he would like to cut the corporate tax rate by a percentage point to an even 20%, according to a person familiar with his remarks who insisted on anonymity to discuss the closed-door meeting. The former president focused his remarks on taxes, inflation and the need for more oil production, the person said.
        • Zients made the case that America’s global reputation and its independent institutions such as the Federal Reserve fostered the kind of trust worldwide that allowed U.S. capitalism to thrive.
        • Biden would like to raise the corporate rate to 28% and introduce higher taxes on the wealthy to fund programs for the middle class.
        • Trump wants to expand the tax cuts, including for companies. Biden would like to preserve the cuts for those making under $400,000 but also wants to raise taxes on corporations and high earners.
        • Biden’s budget proposal would raise corporate taxes by nearly $2.2 trillion over 10 years.
        • Trump has suggested that higher corporate taxes would ravage the nation itself.
      • Bias (100%)
        None Found At Time Of Publication
      • Site Conflicts Of Interest (100%)
        None Found At Time Of Publication
      • Author Conflicts Of Interest (0%)
        None Found At Time Of Publication

      91%

      The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
      (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

      A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

      Courting C.E.O.s, Trump Says He Intends to Cut Corporate Taxes Again

      The Name Of The NZ Prefix. I PWA NZI.P.Was Dropped. Jonathan Swan, Thursday, 13 June 2024 20:29
      • Unique Points
        • Former President Donald J. Trump expressed his intention to reduce corporate tax rate further, from 21 percent to 20 percent if he regained power.
      • Accuracy
        • Trump expressed his intention to reduce corporate tax rate further, from 21 percent to 20 percent if he regained power.
        • Trump discussed bringing corporate tax rate down from 21% to 20%, explaining it as a ‘round number.’
      • Deception (100%)
        None Found At Time Of Publication
      • Fallacies (100%)
        None Found At Time Of Publication
      • Bias (100%)
        None Found At Time Of Publication
      • Site Conflicts Of Interest (100%)
        None Found At Time Of Publication
      • Author Conflicts Of Interest (100%)
        None Found At Time Of Publication

      89%

      The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
      (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

      A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

      Trump’s CEO Buddies Stunned by Bizarre Meeting With Him

      The New Republic Talia Jane Friday, 14 June 2024 00:00
      • Unique Points
        • Trump promised tax cuts and scaled-back business regulations if elected president
        • Federal corporate tax rate would be brought down from 21 percent to 20 percent
      • Accuracy
        No Contradictions at Time Of Publication
      • Deception (80%)
        The author uses editorializing and sensationalism by describing Trump's speech as 'nonsensical', 'meandering', and 'rambling'. She also quotes CNBC's Ross Sorkin using the same language to describe Trump's speech. The author also selectively reports details that support her negative view of Trump, such as the CEOs leaving the meeting less predisposed to him.
        • The CEOs said that he was remarkably meandering, could not keep a straight thought, was all over the map.
        • These were people who, I think, might have been actually predisposed to him,” said Sorkin. “And [they] actually walked out of the room less predisposed to him, actually predisposed to thinking ‘This is not necessarily—’ as one person said, ‘this may not be any different or better than a Biden thought, if you’re thinking that way.’
        • Trump spoke for about an hour, during which he rambled nonsensically, throwing off those in the room, according to sources who shared details of the meeting with CNBC.
      • Fallacies (85%)
        The author makes an appeal to authority by quoting sources who were present at the meeting and sharing their opinions about Trump's rambling behavior. This does not constitute a logical fallacy on its own, but it lowers the score because it brings in external perspectives that are not directly related to the author's assertions.
        • ][CEOs] said that he was remarkably meandering, could not keep a straight thought, was all over the map.[/
        • ][CEOs] actually walked out of the room less predisposed to him, actually predisposed to thinking ‘This is not necessarily any different or better than a Biden thought.’[
      • Bias (95%)
        The author expresses a negative opinion of Trump's behavior during the meeting with CEOs, implying that he was unable to keep a straight thought and ramble nonsensically. The author also quotes sources who share their negative impressions of Trump's performance at the meeting. These expressions demonstrate a clear bias against Trump.
        • One attendee summarized Trump’s message as, ‘We’re going to give you more of the same for the next four years’, according to CNBC.
          • Trump also excitedly detailed to the corporate juggernauts his promise to eliminate taxes on worker tips–a questionable offer he stole from a Republican nominee for Senate and which, darkly, provoked laughter from the room full of CEOs.
            • Trump spoke for about an hour, during which he rambled nonsensically, throwing off those in the room, according to sources who shared details of the meeting with CNBC.
            • Site Conflicts Of Interest (100%)
              None Found At Time Of Publication
            • Author Conflicts Of Interest (100%)
              None Found At Time Of Publication