U.S. President Donald Trump met with business leaders, including Corning CEO Wendell Weeks, Johnson & Johnson CEO Alex Gorsky, and Dell CEO Michael Dell, in the Roosevelt Room of the White House on January 23, 2017. (Kevin Lamarque / Reuters)
We don't usually talk about politics here at the Rules of Thumb blog, and we are not talking politics now. What this post is about are changes that could affect our readers--CPAs, accountants, business owners, and individuals interested in personal finance--now that the reins of the US have been handed to Donald Trump as president.
Trump Promises Corporate Leaders Lower Taxes and Fewer Regulations
In a recent meeting with corporate leaders, President Trump promised lower taxes and fewer restrictions on businesses. We feel this vital information has a definite place on the Rules of Thumb blog from MoneyThumb.
In this article from The Atlantic, reporter Bourree Lam states that President Trump met with 12 business executives from some of America’s largest companies—including Johnson & Johnson, Ford, Dell, U.S. Steel, and Dow Chemical—for a “listening session.” Trump is quoted as saying, “I think we can cut regulation by 75 percent, maybe more.". As for the reduction of the corporate income tax rate—currently 35 percent at the federal level—Trump said “we’re trying to get it down to anywhere from 15 to 20 percent.”
In addition, Trump has reportedly charged the group at today’s meeting with formulating a plan that would stimulate the American manufacturing sector. Andrew Liveris, the CEO of Dow Chemical, told reporters after the meeting that Trump gave the group 30 days to complete the task.
The video above from C-Span covers the meeting with business leaders and President Trump, and also on their site you can read the full transcript of the meeting. In addition, you can watch this video of what the business leaders thought of the meeting with President Trump after it was over--Dow Chemical CEO and Chair Andrew Liveris and Ford Motor Company President and CEO Mark Fields spoke briefly with reporters following their meeting with President Trump at the White House.
As we stated in the beginning of this post, we are not getting political. In fact, we have striven to report just the news without personal opinion. However, we will say that this is a fascinating time in US history and we will keep you informed of news involving personal finance, accounting, and small business when we feel it affects our readers. Have a great weekend!
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