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Politics


TRUMP EYES KEEPING 21% CORPORATE TAX, EXTENDING INDIVIDUAL CUTS

 * Corporate tax plans mark a shift for Republican frontrunner
 * Trump aims to seize on Biden’s economic weakness with voters

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Former President Donald Trump speaks during a campaign rally in Mason City,
Iowa, on Friday.

Photographer: KC McGinnis/Bloomberg
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By Stephanie Lai and Jennifer Jacobs
January 6, 2024 at 8:49 AM HST
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3:35

Donald Trump plans to make permanent the 2017 individual tax cuts that he
enacted as president while keeping corporate tax levels unchanged in an appeal
to working and middle class voters should he retake the White House, according
to people familiar with the matter.

Trump’s preference to keep the 21% corporate rate marks a shift from his desire
while president to lower the corporate rate to 15%, which generated opposition
from both Republicans and Democrats.

While the 21% tax rate is permanent, his 2017 tax cuts for individuals are set
to expire after 2025. Those cuts overwhelmingly benefit wealthy households,
small business owners and those in the real estate industry.

The ex-president-turned-2024 candidate’s planning also involves stronger tariffs
and energy development with fewer regulations, the intended goal of which is to
lower the cost-of-living for Americans, the people said.

Polls show Trump and President Joe Biden barreling toward a rematch of their
hotly contested 2020 election. The economic plan dovetails with most surveys
that show the economy as a vulnerability for Biden and reveal Americans trust
Trump more on the issue. Still, Biden has made so-called kitchen table issues,
from healthcare costs to junk fees, a centerpiece of his reelection effort.



The 2025 expiration of the Trump tax cuts also sets up a political dilemma for
Biden should he win a second term. He would be forced to decide whether to
extend a Republican tax cut that includes lower rates for individuals and a
bigger child tax credit, or let his predecessor — and political rival’s —
signature legislation lapse, raising taxes on some households.

In 2017, Trump signed a law that cut the corporate tax rate from 35% to 21%.
While Trump initially asked for the rate to drop to 15%, negotiations between
his administration and Congress ultimately landed at 21%.

The Trump tax cuts were politically unpopular at the time they were passed
because the benefits were skewed to corporations and wealthy individuals. The
dislike for the Tax Cuts and Jobs Act, and reductions to some benefits like the
state and local tax credit, helped Democrats win back the House in the 2018
midterms.

Though many benefits were directed toward business and high earners, the law
also included some provisions, including a larger standard deduction and a more
generous child tax credit, targeted at middle-income people.

The Trump campaign didn’t immediately respond to a message left for comment.

Trump has previously vowed to tackle taxes.

“And with your vote in this election, we will cut your taxes even further,”
Trump said at a campaign rally in Durham, New Hampshire last month.

Trump’s campaign speeches aim to stir nostalgia about the lower inflation and
gasoline prices that he presided over, despite the economy falling into a
recession during the Covid-19 pandemic that beset the globe during the 2020
presidential election year.

Trump is also interested in price transparency in the healthcare industry to
ensure consumers know the cost of their medical care upfront, the people, who
were granted anonymity to discuss internal deliberations, said.

Blue collar, working class voters largely form the bedrock of the support
Trump’s maintained within the Republican party since 2016.

“Frankly, there’s no political reason to want to try to take care of the very
wealthy,” said Newt Gingrich, former House Speaker and Trump ally. “The
Republican Party is going through a huge political revolution.”



Ben Carson, Trump’s former secretary of Housing and Urban Development, has been
advising the ex-president on urban policies should he retake the White House.
Some of those include deepening the opportunity zone program from his first term
and also investing in community organizations, promoting housing development and
using federal lands to shelter homeless people, Carson said.


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