Topline

Former President Donald Trump said in a post on Truth Social business executives and shareholder representatives who do not support him completely should be “FIRED for incompetence,” citing President Joe Biden’s proposal to reverse corporate tax cuts—as Trump pushes for support from the business community.

Key Facts

“Business Executives and Shareholder Representatives should be 100% behind Donald Trump! Anybody that’s not should be FIRED for incompetence!” read the Tuesday afternoon Truth Social post.

In the post, Trump quoted a recent Wall Street Journal article highlighting Biden’s push for a 28% corporate tax rate—up from 21% since a set of Trump-era cuts—and some Republicans’ desire for deeper corporate tax cuts.

Biden announced in March his proposed budget would increase the corporate tax rate and partially reverse the “enormous tax break” companies received under Trump in 2017 from 35% to 21%, which Biden said did not produce “the promised trickle down to workers, consumers, or communities”—though Biden would likely need to win back a Democratic majority in the House to pass an increase.

Trump reportedly told a number of major CEOs at a meeting of the Business Roundtable last week that—if reelected—he would take the opposite path and work to cut the corporate tax rate even further to 20%.

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Key Background

At the recent Business Roundtable meeting, Trump reportedly highlighted his desire to cut income taxes and roll back business regulations, likely in an effort to get billionaires to support him leading up to the close race in November. There were about 80 CEOs in attendance at the annual meeting, including Tim Cook from Apple, Jamie Dimon from JP Morgan, and Jane Fraser from Citigroup. Tax cuts are just one area in which Trump is working to appeal to business leaders as he recently told oil executives he would rollback Biden’s environmental regulations while asking them to donate to his campaign. In recent weeks, some billionaires have been warming to Trump—despite many donating to his primary challengers prior to them dropping out—with several having donated to his campaign or indicating they intend to.

Further Reading

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