Former President Trump vowed on Tuesday to “begin a historic expansion of American manufacturing power and strength” through an economic and tax agreement he said would provide for “every major company and manufacturer on the planet.”
Campaigning in Savannah, Georgia, Trump said his plan for the US economy, centred around a “Made in America” 15% corporate tax rate, would “create millions of jobs, dramatically raise wages for American workers and make America the manufacturing powerhouse it has been for years.”
“Here's the deal I'm offering every single big company and manufacturer on the planet. I'm giving you the lowest taxes, the lowest energy costs, the lowest regulatory burden, and I'm giving you unfettered access to the best and biggest market on the planet,” Trump said. “But you make your products in the United States. If you don't make your products in the United States, it's all going to fall apart. And you've got to hire American workers for those jobs. If you don't make your products in the United States, you've got to pay tariffs. Very high tariffs.”
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Republican presidential candidate and former president Donald Trump speaks about tax law and manufacturing at the Johnnie Mercer Theater Civic Center, Tuesday, September 24, 2024, in Savannah, Georgia.
“The vision I set out today will not only stop our companies from moving overseas, but under my leadership, we will also take jobs from other countries,” Trump said.
“We're going to take their factories,” Trump continued, “and bring thousands of businesses and trillions of dollars of wealth back to the good old America.”
“Under my plan, American workers will no longer worry about losing their jobs to a foreign country. Instead, foreign countries will worry about losing their jobs to America and getting those jobs back,” he declared.
“And we're going to take hundreds of billions of dollars into our treasury and spend that money to benefit the American people, and by the way, without creating inflation,” Trump said.
The current U.S. corporate tax rate is 21%. Reducing the corporate tax rate on all corporations to 15% would reduce tax revenues by $460 billion according to the Tax Foundation's dynamic analysis and $673 billion according to the Tax Foundation's static analysis. A budget model from the Wharton School of the University of Pennsylvania estimates that this policy would reduce tax revenues by $595 billion over 10 years.
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Former President Trump also said Tuesday that if he is re-elected, he would “appoint a manufacturing ambassador whose sole mission will be to travel around the world and convince major manufacturers to leave and come back to the United States.” (AP/Evan Vucci)
meanwhile, Vice President Kamala Harris Harris, who supported a 35% corporate tax rate during her brief 2020 presidential campaign, has announced that she would raise the corporate tax rate from the current 21% to 28%, which her campaign describes as “a fiscally responsible way to put money back in working people's pockets and ensure billionaires and corporations pay their fair share.”
According to the CRFB analysis, raising the corporate tax rate to 28% would raise tax revenues by $1 trillion between fiscal years 2026 and 2035. The Tax Foundation's analysis also projects a tax increase of $1 trillion, while a budget model from the Wharton School of the University of Pennsylvania estimates it would raise revenues by $1.2 trillion over the same period.
Trump slammed Harris during a speech in Savannah on Tuesday, calling her a “tax queen.”
“Other countries like her because she takes everybody out of our country and puts them in their hands. The Tax Queen wants a 33 percent tax increase on everything domestically produced,” he said. “You can hate corporations and all that, but corporations are what drive growth, they drive jobs, they run everything.”
Trump also announced Tuesday that he would create “ultra-low tax and regulatory federal land districts for American producers,” which he said would be “ideal places to relocate entire industries that we've brought in from other countries.”
Democratic presidential candidate Vice President Kamala Harris speaks at the Congressional Hispanic Caucus Leadership Conference at the Ronald Reagan Building in Washington, Wednesday, September 18. President Trump called Harris the “tax queen” while campaigning in Georgia on Tuesday. (AP Photo/Jose Luis Magana)
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He added: “We will appoint a manufacturing ambassador whose sole mission will be to travel around the world and convince major manufacturers to pack their bags and come back to the United States where they want to come.”
FOX Business' Eric Revell contributed to this report.
