Trump Announce MAJOR Tax Cut  

Former President Donald Trump pledged on Thursday that if he secures the presidency, his administration will reduce the corporate tax rate for businesses that produce their goods within the United States.

In a speech at the Economic Club of New York, Trump announced that companies manufacturing domestically would benefit from a tax cut, lowering the corporate rate from 21% to 15%. Additionally, he promised significant tariffs on goods imported from abroad.

“To further support the revival of American manufacturing, my plan calls for expanded R&D [research and development] tax credits, 100% bonus depreciation, expensing for new manufacturing investments, and a reduction in the corporate tax rate from 21% to 15% solely for companies that make their product in America,” Trump said to the applause of the crowd. “You have to make your product in America. If you outsource, offshore, or replace American workers, you’re not eligible for any of these benefits. In fact, you will pay a very substantial tariff. … There will be a big tariff on that product because we want to make our goods in America,” he added.

The Republican presidential nominee highlighted a stark contrast between his plan to reduce the corporate tax rate and Vice President Kamala Harris’ proposal to raise it to 28%. A spokesperson for Harris told NBC News that her proposed increase is “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”

PRESIDENT TRUMP: "To further support the revival of American manufacturing, my plan calls for expanded R&D tax credits, 100% bonus depreciation, expensing for new manufacturing investments, and a reduction in the corporate tax rate from 21% to 15% solely for companies that MAKE… pic.twitter.com/9V2vv53Vyd

— Trump War Room (@TrumpWarRoom) September 5, 2024

Trump contended that Harris “fundamentally rejects freedom and embraces Marxism, communism, and fascism.”

“She is promising communist price controls, wealth confiscation, energy annihilation, reparations. The largest tax increase ever imposed, and mass amnesty and citizenship for tens of millions of migrants who will consume trillions of dollars in federal benefits and destroy Social Security and Medicare,” he said. “We’re not going to watch our wealth and jobs get ripped away from us and sent to foreign countries, which is what’s been happening. What we’re putting forward is the most pro-American manufacturing and jobs policy in modern history for any country.”