The $250bn in corporate taxes riding on US election
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 4 November 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Chinese authorities are demanding wealthy individuals and companies double-check their taxes for unpaid liabilities, and the largest US companies are facing two starkly different financial futures after the election. The UK Conservative party elects right-wing Kemi Badenoch as leader, and share prices of clean hydrogen companies have collapsed due to delayed projects and dwindling demand.
Mentioned in this podcast:
China piles pressure on rich people and companies to cough up taxes
What’s at stake in US election? $250bn in taxes for corporate America
Kemi Badenoch wins Conservative party leadership race
US and European hydrogen stock prices collapse as prospects deflate
The FT Alphaville pub quiz returns to New York City this November
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinoor, the UK's energy partner. |
| 0:06.5 | Learn more at equinore.com.uk. |
| 0:13.0 | Good morning from the Financial Times. |
| 0:15.7 | Today is Monday, November 4th, and this is your FT News briefing. |
| 0:24.1 | Local governments in China are on the hunt for more money, |
| 0:31.6 | and corporate America has a lot at stake in tomorrow's U.S. election. Plus, people thought that clean hydrogen would play a critical role in the green transition. But right now, it's not making any money. |
| 0:38.5 | I'm Kasha Brusalian, and here's the news you need to start your day. |
| 1:00.1 | China is telling rich people and companies to cough up more in taxes. |
| 1:04.1 | Authorities are looking for ways to fill government coffers. |
| 1:10.3 | Revenue sources have tumbled in the last few years as the country has struggled through its property crisis. It's left a lot of local |
| 1:12.4 | governments in desperate need of cash. So now, wealthy individuals are being asked to double-check |
| 1:19.1 | their taxes and pay up on anything they might have missed. The drive is happening at the same time |
| 1:25.4 | that Beijing is preparing to announce the details of new |
| 1:28.4 | stimulus measures. Lawmakers are meeting this week to approve the country's largest |
| 1:33.0 | fiscal package since the pandemic. |
| 1:42.1 | The U.S. presidential election is tomorrow, and for American companies, there's about $250 billion in taxes on the line. |
| 1:51.7 | That price tag is thanks to the separate policies that Donald Trump and Kamala Harris are putting forward. |
| 1:57.9 | The number is based on estimates from Goldman Sachs. |
| 2:02.2 | Here to walk me through the differences is the F.T. Stephen Foley. Hey, Stephen. Hi there. So explain the two tax policies that we're |
| 2:09.3 | talking about here. So the very big difference between the two, it's the headline corporate tax rate, |
| 2:14.5 | which Donald Trump slashed to 21 percent when he was lost in the White House, |
| 2:20.3 | and he's going to slash again, he says, perhaps to as low as 15% if he gets back into power. |
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