‘Have their cake and eat it too’: inside US big business’s tax cut campaign

Then president Donald Trump displays the $1.5tn tax overhaul package he signed in the oval office on 22 December 2017. Lobby groups push for changes to Trump-era tax law they once hailed as ‘grand slam’ US corporations and their supporters in Washington are pushing aggressively to roll back tax policies they once endorsed, in a move that could return hundreds of billions of dollars to some of America’s biggest companies. As congressional negotiators attempt to keep the government funded past 19 January, an agreement is emerging that ties the corporate tax breaks to an increase in support for vulnerable American families – an effort to make the deal more palatable for Democrats. Just six years ago the Business Roundtable, a lobbying group for CEOs of large US firms, described the Trump-era Tax Cuts and Jobs Act as “a remarkable, once-in-a-generation opportunity”. Now, the group is leading “a six-figure advocacy campaign” to roll back parts of it, according to Politico, and threatening that failing to secure new tax cuts will lead to “slower job creation, smaller wage increases and lower overall economic growth”. Josh Bolten, chief executive of the Business Roundtable, waits alongside economic advisers Larry Kudlow and Kevin Hassett for Donald Trump to arrive at the White House on 29 April 2020. Bolten led the Business Roundtable when the organization initially lauded Trump’s tax cuts. An ad from the National Association of Manufacturers, another trade group, claims US companies are “investing billions into the economy” but warns that unless Congress cuts corporate taxes further, “we risk losing it all”. The organization, which in 2017 called the law “a grand slam”, predicts a million job losses over the next two years without additional tax breaks. The non-partisan Committee for a Responsible Federal Budget estimates these tax cuts would add $650bn […]

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By Donato