Washington, D.C. — Today, the Center for American Progress Action Fund released a new analysis looking at how Fortune 100 companies would be affected by former President Donald Trump’s proposal to cut the corporate tax rate from 21 percent to 15 percent. The analysis finds that Fortune 100 companies would receive a total estimated tax break of $48 billion per year, despite these companies reporting more than $1.1 trillion in profits.
Specifically, the analysis finds that the 10 largest companies in the United States would receive $23 billion in tax cuts every year. Further, the analysis estimates that key industries would receive a massive windfall each year under the plan, including Wall Street banks ($4.1 billion), Big Pharma companies ($3.1 billion), and Big Oil companies ($2.5 billion).
The Trump plan for corporate taxes stands in stark contrast to President Joe Biden’s plan to increase the corporate tax rate from 21 percent to 28 percent in order to make critical investments in the American people, such as affordable child care and paid family and medical leave, and reduce the deficit.
“Donald Trump promised to drain the swamp, but his policy proposals reveal that is, just like trickle-down economics, nothing more than fiction,” said Brendan Duke, senior director for economic policy at CAP Action and co-author of the analysis. “This analysis shows that the people Trump is soliciting for campaign cash would reap massive tax breaks under his corporate tax plan.”
Please click here to read “Trump’s $50 Billion Tax Giveaway to the 100 Largest Corporations” by Brendan Duke and Will Ragland
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