24.1.17

Trump vows ‘massive’ cuts in taxes and regulations

In a meeting Monday with some of the nation’s largest technology and manufacturing companies, (The meeting in the White House included Dell, Ford Motor Co.   Dow Chemical, Whirlpool Lockheed Martin U.S. Steel  Under Armour  and International Paper), President Donald Trump vowed “massive” cuts in taxes and regulations to help businesses create more jobs in the U.S. Trump said he would seek to slash regulations while maintaining protections for the environment and worker safety. “We think we can try to cut regulations by 75% — maybe more,” Trump said. The president said businesses are even more eager to see regulations reduced than to have their taxes cut. He emphasized he would vastly speed up the process for approving major business-investment projects. “If somebody wants to build, a factory, it’s going to get expedited,” Trump said. At the same time, Trump reiterated his promise to lower taxes for corporations and consumers. He said he would seek to lower the top corporate tax rate from 35% to as low as 15%.

He repeatedly used the word massive but offered no specifics. Trump defined the central theme of his presidency: “Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families.” In a warning, Trump told business leaders they will face a border tax if they close domestic plants, “fire all the people in the U.S.” and move jobs overseas. That argument was a staple of Trump’s presidential campaign, though support in Congress is lukewarm at best. It’s fine to move operations from one state to another, Trump said, but not to another country whose trade rules are unfair to the U.S. He mentioned Japan as a nation in which it’s difficult to sell America vehicles while many Japanese cars are sold here.

http://www.marketwatch.com/

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