Trump Proposes Lowering Corporate Tax Rate to 20%

Former President Donald Trump expressed his intention to reduce the corporate tax rate from 21% to 20% in a meeting with top CEOs, aiming to further benefit large US companies if he regains power. An analysis by the Center for American Progress revealed that Trump's proposed tax cut could result in a $48 billion annual tax reduction for the 100 largest US companies, with $23 billion saved by just 10 corporations. This move has raised concerns about the disproportionate benefits to profitable corporations, potentially exceeding the federal K-12 budget and favoring sectors like Wall Street banks, drugmakers, and oil companies. Trump's tax policy shift is seen as a strategic move to garner support and funding from business leaders, especially after facing criticism following the Capitol attack in 2021.