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Trump Promises Tax Cuts At Business Roundtable With CEOs, Including Apple’s Tim Cook And JP Morgan’s Jamie Dimon

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3 weeks ago

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Topline

Former President Donald Trump vowed to cut income taxes and roll back business regulations while speaking to members of the powerful Business Roundtable lobbying group’s annual meeting—continuing his bold overtures to the business community as he campaigns for a second term, according to multiple reports.

Key Facts

Trump told the approximately 80 CEOs in attendance, including Apple’s Tim Cook, JP Morgan’s Jamie Dimon, Citigroup’s Jane Fraser and Bank of America’s Brian Moynihan, that he would cut the corporate tax rate, currently at 21%, to 20%, Bloomberg reported.

Xerox CEO Steven Bandrowczak, Gap Inc. President Richard Dixon and Truist CEO Bill Rogers were also spotted leaving the meeting, Reuters reported.

Trump also promoted his proposal to eliminate taxes on tipped income, after announcing the plan over the weekend in Nevada, a battleground state President Joe Biden narrowly won in 2020.

Trump promised that one of his first priorities would be to “unleash American energy,” Trump economic adviser Stephen Moore told Reuters, and Bloomberg reported that Trump lamented the energy permitting process, addressing a key concern of Republicans who have complained permit processing is too slow under Biden administration environmental regulations.

Taking aim at Biden’s mental fitness, Trump said his opponent is “not at the top of his game,” CNBC reported, noting Trump was interviewed at the meeting by conservative commentator Larry Kudlow, who served as an economic adviser to Trump during his time in the White House.

The meeting comes as Trump has reportedly made a series of bold appeals to the business community, while soliciting them for donations, including at an April Mar-A-Lago meeting with oil industry executives, where he promised rollbacks to Biden administration environmental regulations and told them they should donate $1 billion to support his campaign.

Tangent

White House Chief of Staff Jeff Zients spoke in Biden’s place as the president is currently in Italy for the G7 Summit.

Key Background

Wall Street executives and business leaders, after backing many of Trump’s primary rivals, have slowly warmed to him since he clinched the nomination in March. Dimon, who has criticized Trump in the past, said in January Trump was “kind of right” about some issues, including immigration and the North Atlantic Treaty Organization, which Trump has openly criticized, suggesting the alliance shouldn’t defend member countries that don’t meet spending targets. After calling for a “new generation of leaders” and sitting out the primary race, billionaire Blackstone CEO and co-founder Steve Schwarzman said last month he plans to donate to Trump, and Pershing Square Capital Management’s Bill Ackman is also widely expected to endorse Trump, after donating to independent presidential candidate Robert F. Kennedy Jr. and former South Carolina Gov. Nikki Haley during the primaries. Hedge fund billionaire Ken Griffin, who backed Haley in the primary, also recently praised Trump and indicated he could donate to Trump’s campaign after he picks a running mate. Trump’s appearance at the Thursday meeting comes after the group, and many of its members, including Dimon and Moynihan, publicly criticized Trump over the Jan. 6 Capitol riots.

Surprising Fact

Cook, who has fundraised for both Republicans and Democrats, forged an unlikely relationship with Trump during his first term, despite Silicon Valley’s notoriously liberal leanings. Cook sat on a business advisory board during Trump’s tenure, and he has also made appearances at the Biden White House.

Further Reading

Trump Will Meet With Powerful Business Lobbying Group With These Billionaire Members (Forbes)

Billionaire Bill Ackman Reportedly Leaning Toward Trump—As Musk Denies Role In Trump Cabinet (Forbes)

Billionaire Ken Griffin Praises Trump Despite Backing Primary Rivals—But Won’t Endorse Trump Until He Picks A VP (Forbes)

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