In Trump Tax Plan, a Windfall for Businesses Large and Small
Jamie Dimon, the chief executive of JPMorgan Chase and the chairman of the Business Roundtable, called the plan “an encouraging step forward in our shared goal of a tax system
that delivers higher economic growth, job creation and wages that our country desperately needs.”
John Stephens, the AT&T chief financial officer, said it was “a big step toward meaningful reform
that would encourage more investment and job creation in the United States.”
And U. S. Chamber of Commerce’s chief executive, Thomas J. Donohue, said the proposed tax cuts were “good news for American families and employers.”
Yet even as business leaders salivate at the prospect of lower taxes, skeptics are questioning whether companies would actually invest tax savings in things like factories
and jobs, and whether such cuts would meaningfully help the economy, which is already expanding.
“For AT&T, we would step up our investments in the technology and next-generation networks that are engines of our modern economy.’’
The White House said that a corporate tax rate of 20 percent would increase American competitiveness, bringing the
rate below 22.5 percent, which is what it claimed was the average corporate tax rate in the industrialized world.
Another major development, especially for big companies
that have long complained about their tax rate, would be the proposed lowering of the corporate tax rate to 20 percent, well below the current rate of 35 percent.
“A significantly lower corporate tax rate will help U. S. companies compete with companies from other industrialized countries
and spur long-term economic growth,” said Mr. Stephens.