U.S. President-elect Donald Trump announced late Thursday that he has chosen a longtime corporate lobbyist and Republican donor to serve as assistant secretary for tax policy at the Treasury Department as GOP lawmakers prepare to craft another massive giveaway to the rich and major companies.
Ken Kies is currently managing director of the Federal Policy Group, a lobbying firm that was hired last year by Microsoft, the Cruise Lines International Association, the American Automotive Leasing Association, and other corporate interests. If Trump and the incoming Republican Congress succeed in lowering the corporate tax rate to 15%, Microsoft would receive an annual tax break of $4 billion, according to one analysis.
Kies’ profile on the Federal Policy Group’s website touts the “significant legislative and regulatory results” he has delivered for his clients, “which include major corporations, trade associations, and coalitions of companies with common objectives.”
“Mr. Kies has led coalition efforts to enact legislation responding to the World Trade Organization’s ruling against U.S. foreign sales corporation benefits, to avert enactment of broad ‘corporate tax shelter’ legislation that would have an adverse impact on legitimate business transactions, and to reverse Treasury regulations targeting ‘hybrid’ arrangements of U.S. multinational corporations, among other projects,” the profile continues.
If confirmed by the Senate, Kies would work alongside billionaire hedge fund manager Scott Bessent — Trump’s pick to lead the Treasury Department — as the second Trump administration pursues an extension of regressive 2017 tax cuts that are set to expire at the end of the year, as well as another rate cut for corporations.
The Washington Post reported Thursday that Republicans are planning to offset some of the enormous projected cost of the proposed tax package with tariffs, cuts to federal nutrition assistance, and work requirements for Medicaid recipients. The GOP is also pushing to eliminate the Education Department, roll back clean energy programs, and prevent Medicare from covering obesity treatments.
In addition to Kies, Trump said Thursday that he has selected Samantha Schwab to serve as deputy chief of staff at the Treasury Department. Schwab is the granddaughter of billionaire investor Charles Schwab, who donated $1 million to Trump’s 2017 inaugural fundraising committee, according to Bloomberg.
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