The 100 largest U.S. companies, with profits of more than $1.1 trillion, would see their taxes fall by $48 billion a year under a proposal by former President Donald Trump to cut the corporate tax rate from 21% to 15%, according to a new analysis by the Center for American Progress, a left-leaning think tank. Just 10 of the companies, with profits topping $520 billion, would get an estimated annual tax cut of $23 billion.
The analysis also finds that Wall Street banks would benefit to the tune of $4.1 billion while drugmakers would reap $3.1 billion and oil giants would save $2.5 billion. “This analysis shows that the people Trump is soliciting for campaign cash would reap massive tax breaks under his corporate tax plan,” said Brendan Duke, a co-author of the analysis and senior director for economic policy at CAP Action.
