President Donald Trump said in a meeting with CEOs Monday that his administration will prioritise tax cuts for corporations and decreasing regulation in its first days.
Trump, meeting with CEOs that included Kevin Plank of Under Armour, Elon Musk of Tesla, and Mark Fields of Ford, promised to cut regulation by as much as 75%. Trump said regulations regarding worker safety will be “just as strong” and “just a protective of the people” but that current regulations “make it impossible to get anything built.”
It is unclear whether Trump was referring to the cost of regulations or their total number as what he is seeking to cut.
Trump also reiterated threats to impose a significant “border tax” on companies that move production of products outside of the US to other countries.
“If you go to another country and you decide that you’re going to close and get rid of 2,000 people or 5,000 people … we are going to be imposing a very major border tax on the product when it comes in,” Trump said.
He also reiterated a campaign promise to cut corporate taxes — and taxes for the middle class overall.
“We’re going to be cutting taxes massively for both the middle class and for companies, and that’s massively,” Trump said. “We’re trying to get it down to anywhere from 15 to 20% and its now 35%, but it’s probably more 38% than it is 35%.”
The current federal corporate tax rate is 35%, and it averages 39% for companies when state taxes are added.
The goal, according to Trump, is to “bring back manufacturing to our country.” He said there would be breaks for companies that create products in the US.
“There will be advantages to companies that do indeed make their products here,” Trump said.
Trump also said he plans to hold meetings with the CEOs on a quarterly basis or whenever they want to in order to address their concerns.
Check out the full remarks from Trump here:
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