Former President Donald Trump on Thursday promised that if he wins the election, his administration would cut the corporate tax rate for “companies that make their product in America.”
Trump said during a speech at the Economic Club of New York that companies that manufacture their products in the U.S. would see a corporate tax decrease from 21% to 15%. He also vowed that there would be “big” tariffs on products made in foreign countries coming into the U.S.
“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.
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
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The Republican presidential nominee contrasted his corporate tax rate cut plan with Vice President Kamala Harris’ proposed corporate tax rate increase to 28%. A Harris spokesman told NBC News that the vice president’s corporate tax rate proposal 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.”
Trump argued 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, according to Fox News.
“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,” Trump added in his speech. “What we’re putting forward is the most pro-American manufacturing and jobs policy in modern history for any country.”