Former President Donald Trump on Tuesday called for business executives and shareholder representatives to fully support him or face termination. “Business Executives and Shareholder Representatives should be 100% behind Donald Trump! Anybody that’s not should be FIRED for incompetence!” Trump declared on his social media platform, Truth Social.
Trump’s post referenced a Wall Street Journal article that compared corporate tax rates between the Biden and Trump administrations. In another post, Trump quoted the article, stating, “Corporations won tax cuts during Trump’s first term, and they would benefit if he wins again.”
A spokesperson for Trump did not immediately respond to a request for comment on Tuesday. Last week, Trump attempted to court business executives in a roundtable meeting in Washington, D.C., but several CEOs told CNBC that they were underwhelmed by his “meandering” policy proposals. Two attendees noted that Trump offered few specifics on his plans to cut corporate taxes and regulations.
Lease and Corporate Tax Policies
Understanding the implications of Trump’s tax policies requires a grasp of key financial terms. One such term is lease. So,
President Biden has frequently criticized Trump’s tax cuts for the wealthy during his campaign. “If Trump gets elected, he’ll cut taxes for him and his rich friends at the expense of working families. We can’t let that happen,” Biden wrote on X last week.
In response to Trump’s Truth Social post, Biden campaign spokesperson James Singer remarked, “We know Donald likes pretending to fire people on TV, but the American people already fired him for having the worst jobs record since Herbert Hoover. The choice in 2024 is between Joe Biden who is lowering costs for working families and white-collar crook Donald Trump, who will do nothing but return us to the mess he left us with by giving handouts to rich people like himself on the backs of the middle class.”
Biden has also intensified his efforts to end Trump’s tax breaks. A recent budget proposal and a memo from top Biden economic adviser Lael Brainard outlined Biden’s vision for increasing revenue. This plan includes raising the corporate tax rate from 21% to 28%, imposing a 25% minimum income tax on billionaires, increasing marginal tax rates on the highest incomes from 37% to 39.6%, and raising taxes on capital gains for the very wealthy.
