Big Take
Who Wins the White House Could Reshape Your Taxes
May 23, 2024
Bloomberg politics editor Laura Davison and Bipartisan Policy Center senior vice president Bill Hoagland discuss the implications of the 2017 tax cuts, how they affect taxpayers and the economy, and how a Biden or Trump win could impact future tax policies. They delve into the motivations behind the tax cuts, changes in corporate taxation, and analysis of the impact on large corporations, small businesses, and individuals.
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Quick takeaways
- The 2017 tax cuts aimed to boost U.S. economy by lowering corporate tax rates and providing incentives for businesses to stay in the country.
- Debate intensifies over renewing 2017 tax cuts, with concerns on funding, deficit, and potential effects on U.S. economy.
Deep dives
Trump's Tax Cuts and the Corporate Focus
The 2017 tax cuts under President Donald Trump aimed to reform corporate taxation by reducing the tax rate from 35% to 21% and changing how multinational companies pay taxes. Large corporations benefited from lower tax rates, encouraging them to operate in the U.S. rather than abroad. Small businesses, on the other hand, could deduct 20% from their personal tax payments. The goal was to stimulate economic growth and investment by providing incentives for businesses to remain in the U.S.
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