Donald Trump promises to cut taxes in a speech to top US CEOs

The former president tries to sell his populist promises to top Wall Street officials at an event in Washington.

Donald Trump announced on Thursday at a meeting of senior US executives which would dramatically reduce taxes and regulations while raising tariffs. The former president thus tries to obtain the support of business leadersIt is from the country to its populist economic program.

Trump made these statements at a Business Roundtable event held in Washington, attended by a hundred business leaders, including Jane Fraser, from Citigroup; Tim Cook, of Apple; Brian Moynihan of Bank of America; and Jamie Dimon, former CEO of JPMorgan Chase.

The meeting came just weeks after Trump became the first former president to be convicted of a felony when a jury found him guilty at a trial in New York. He also met with Republicans at the Capitol.

In a conversation of approximately one hour with his former director of the National Economic Council Larry Kudlow, Trump talked about his economic program and attacked President Joe Biden’s global agenda, from the US withdrawal from Afghanistan to Russia’s full-scale invasion of Ukraine and Hamas’ attack on Israel.

The former president explained to his audience that he would consider lowering the corporate tax rate even further from 21%.after cutting it from 35% in 2017, according to one of the attendees.

“I thought he seemed solid, with a business tone and not something else like we sometimes see,” declared an executive who was in the room.

Another CEO who attended said that “it was the same Trump that we have seen and heard hundreds of times, but more subdued.”

Trump’s economic advisor, Stephen Moore, He assured that the former president had emphasized deregulation and the use of tariffs on imports as a “negotiation tactic” with foreign countries. He said Trump would extend his 2017 tax cuts, some of which expire in 2025.

The former president also mentioned his plan to eliminate taxes on tips, and made the audience laugh when he assured that he had spoken with a waitress and golf caddies who liked the idea.

The Business Roundtable, an influential corporate group, invites the two presidential candidates to address its 200 executive members before each US election.

Among those who did not attend the event were Satya Nadella of Microsoft, Larry Fink of BlackRock, Stephen Schwarzman of Blackstone, who has already supported Trump, as well as ExxonMobil’s Darren Woods and KPMG’s Bill Thomas.

Biden’s chief of staff, Jeff Zients, stood in for the president, who is at the G7 summit in Italy, and warned CEOs not to take political stability for granted, according to some people in the room. . Zients praised several executives, including Apple’s Cook.

Outside the headquarters of the Business Round Table, a mobile ad paid for by the Democratic Party, airing footage of Trump’s recent fraud conviction in New York and the January 6, 2021 attack on the US Capitol by his supporters.

Although American companies have enjoyed record profits under Biden, many business leaders are wary of some of the president’s budget proposals, such as raising taxes on wealthy individuals and corporations, as well as capital gains and stock buybacks. .

In recent weeks, Trump has gained increasing support among Wall Street bosses, and hedge fund executives like Bill Ackman have declared that they are likely to support him in this year’s race for the White House.

Many business leaders are skeptical of both Biden and Trump. A member of the Business Roundtable told Financial Times that “we are facing the most disastrous combination of presidential candidates in American history.”

“Regardless of whether Trump or Biden wins in November, I think we are in a period of greater regulatory scrutiny.. When everything is said and done, we will play the game,” added a financial director of a company who attended the event.

© The Financial Times Limited [2024]. All rights reserved. FT and Financial Times are registered trademarks of Financial Times Limited. Redistribution, copying or modification is prohibited. EXPANSIÓN is solely responsible for this translation and Financial Times Limited is not responsible for its accuracy.

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