Companies cheer Trump tax cuts, but jobs are less certain to follow
US businesses would reap a windfall if President Donald Trump’s plan to cut corporate tax rates and slash taxes on cash parked overseas becomes law, but it was unclear whether they would stimulate a surge in investment and job creation in return. Under Trump’s proposals outlined on Wednesday, American companies would move from being the most highly taxed among the Group of 20 countries to among the lowest. Tax rates would fall below those of neighbouring Mexico and Canada, which Trump has accused of shortchanging the US in trade deals. Corporate leaders and business lobbying groups such as the US Chamber of Commerce on Wednesday cheered the administration’s tax proposals, while allowing that the initial one-page plan left out crucial details. The tax plan, which includes a cut in taxes on public companies to 15% from 35%, does not detail cuts in spending that would help keep the budget deficit under control. AT&T CE Randall Stephenson welcomed the tax plan but cautioned "the practic...
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