On Thursday, June 13, the Trump campaign and the Biden administration launched contrasting appeals to the business community, outlining different economic strategies ahead of the upcoming US elections.
The Business Industry Ahead of US Elections
According to Yahoo Finance, former President Donald Trump convened with CEOs in Washington DC, emphasizing his agenda centered on tax cuts and deregulation. His proposed extension of the 2017 tax cuts and potential further reductions in the corporate tax rate formed the core of his message for economic growth.
However, concerns were raised about potential ethical issues arising from Trump's meetings, where his policy proposals might be intertwined with his campaign's financial dynamics.
Meanwhile, Treasury Secretary Janet Yellen, representing the Biden administration at a New York event due to the President's absence at the G-7 Summit in Italy, articulated a vision focused on government interventions to support business and stimulate private sector investments.
Yellen criticized traditional supply-side economics, advocating for collaborative policies that benefit American workers and businesses.
Business leaders, anticipating the expiration of key provisions of the 2017 tax cuts by the end of 2025, expressed keen interest in both candidates' proposals.
As the elections approach, the business industry can expect a clear choice between continued tax cuts and deregulation under Trump or increased government support and intervention under Biden, each promising different impacts on economic and business growth.
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