Here’s how Trump says he’ll help US businesses through tariffs and taxes

Donald Trump portrays himself as a big friend of big business, especially during his first administration. Among his most notable efforts was slashing the corporate tax rate from 35% to 21% as part of his 2017 Tax Cuts and Jobs Act, which contained multiple other beneficial measures for companies.

Donald Trump portrays himself as a big friend of big business, especially during his first administration. Among his most notable efforts was slashing the corporate tax rate from 35% to 21% as part of his 2017 Tax Cuts and Jobs Act, which contained multiple other beneficial measures for companies. And he’s promising companies he’ll do more of the same if he’s elected in November for a second term. On Tuesday, he is scheduled to outline his plan for lowering taxes for American business owners and highlight the importance of buying goods made in the US in a speech in Savannah, Georgia. The former president has already vowed to hike tariffs, which he has repeatedly claimed would help domestic manufacturers, and to further reduce the corporate tax rate to 15%, but only for companies that make their products in the US. Plus, he wants to renew several of the TCJA’s business tax changes – as well as all the individual income and estate tax cuts – that are expiring or have already lapsed. Some of his plans stand in stark contrast to his Democratic opponent, Vice President Kamala Harris, who has proposed raising the corporate tax rate to 28% and quadrupling the tax on stock buybacks to 4% to help pay for her plans to assist middle-class and working Americans. She has also voiced support for President Joe Biden’s recent budget blueprint, which contains a variety of tax increases on big companies and wealthy people in an effort to ensure they pay their fair share. Trump’s promised business tax cuts come alongside his suite of targeted tax relief for individuals, a list that continues to grow. He has vowed to eliminate federal taxes on tips, overtime pay and Social Security benefits, as well as restore the deductibility of state and local taxes, which was limited by his tax cuts package. All of Trump’s tax cut proposals would need congressional approval, which could be difficult to muster even if Republicans win a healthy majority in both chambers. But he could institute his tariff policies by executive action.