NEW YORK – Former President Trump delivered a major economic speech in New York on Thursday, announcing his plan to cut the corporate tax rate to 15% and create a “government efficiency commission” headed by Elon Musk, while he promised to “make America richer and stronger” if elected in November.
Trump made the announcement during a speech to The Economic Club of New York.
The former president praised the strength of the US economy under his first administration, while criticizing his Democratic opponent, Vice President Kamala Harris, for her “kamalanomics” and linking it to rising inflation and the negative economic impacts of the policies of the Biden-Harris administration.
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Trump said Harris and his “radical leftist agenda” represent “a fundamental threat to the prosperity of every American family and to America itself.”
“I am here today to lay out my plan to rescue our country from this nightmare and return to its citizens the American dream, bigger, better and stronger than ever,” Trump said.
Trump said that during his administration, he “fought for American workers like I would fight for my own family.”
“I looked after our economy like I would look after my own business in every decision. I asked myself: Will I create jobs here or send jobs overseas? Will it make America richer and stronger, or will it make our country richer and stronger. weaker and poorer country?” Trump asked. “I always put America first every time. And when our country was hit by the virus from China, we saved the economy. We saved tens of millions of jobs.”
“We offer an economic miracle, which Kamala and Joe turned into an economic disaster, just as they turned the border, and indeed the entire world, into a catastrophic surrender. From day one, Kamala launched a war on American energy and orchestrated a nation. ruining the border invasion with illegal aliens coming from countries all over the world,” Trump said, adding that President Biden and Vice President Harris “had by far the worst presidency and vice presidency in the history of our country.”
“This election will decide whether we reward Kamala Harris with re-election and four more years of crime, economic calamity and international humiliation, or whether we reverse that direction and once again build the greatest economy in the history of the world, which we had during the Trump administration.” , he said
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Trump warned 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 massive amnesty and citizenship for tens of millions of migrants that will eat up trillions of dollars in federal benefits and destroy the Social Security and Medicare,” he said.
“I promise low taxes, low regulations, low energy costs, low interest rates, secure borders, low and low crime, and increased incomes for citizens of all races, religions, colors and creeds,” Trump continued. “My plan will quickly defeat inflation, quickly lower prices and reignite explosive economic growth.”
Trump said Harris “will take more money out of the pockets of Americans,” while his plan “will leave the typical family with many thousands of dollars more than they have now.”
First, Trump said he would “end Kamala Harris’ anti-energy crusade and pursue a policy of energy abundance, energy independence, and even energy dominance.”
Trump said his plan “will cut energy prices in half or more within 12 months of taking office.”
“It will be an economic revival of our country like no one has ever seen,” he said. “Energy was what caused our problem initially. Energy is going to bring us back.”
Trump said that, if elected, he would “immediately issue a declaration of a national emergency to achieve a massive increase in the domestic energy supply.”
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Trump said that “electricity is desperately needed for AI.”
“So we will be leaders in artificial intelligence and in every other form of technology with these great authorities,” he said. “We will go through all the bureaucratic hurdles to issue fast approvals for new drilling, new pipelines, new refineries, new power plants, new power plants and reactors of all kinds.”
He added: “Prices will immediately fall in anticipation of this tremendous supply that we can create quite quickly.”
Trump also said he plans to rescind all unspent funds under the “misnamed” Biden-Harris Inflation Reduction Act.
The former president also promised to end the electric vehicle mandate and “stop the appalling waste,” which he said will “save taxpayers an estimated trillion dollars.”
“I’m going to launch a historic campaign to free our economy from crippling regulation. My first term, I pledged to cut 10 old regulations for every new regulation, and we’ve done much better than that,” he said.
Trump also stressed that he will make the United States “the crypto and Bitcoin capital of the world.”
Meanwhile, Trump said he would create a Government Efficiency Commission “at the suggestion of Elon Musk,” who he said “has given me his full and total endorsement.”
The government efficiency commission will be tasked with conducting a comprehensive financial and performance audit of the entire federal government and making recommendations for drastic reforms.
Trump said Musk has “agreed” to lead that commission.
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Trump also announced that he would cut the corporate tax rate from 21% to 15% “only for companies that make their product in the United States.”
Harris proposed raising the corporate tax rate to 28%. Harris’ campaign describes that move as “a fiscally responsible way to put money back into the pockets of workers and ensure billionaires and big corporations pay their fair share.”
Trump also said he plans to make his “Trump tax cuts permanent.”
“These are massive tax cuts,” he said.
“We’re not going to have a tip tax, something they copied four weeks after I said it,” Trump said in a jab at Harris, who apparently stole his plan. “She stood up, said there’s no tax on tips. I said she’s actually copying my plan a lot.”
Trump also said his plan would not tax Social Security benefits.
“We’re not going to tax their benefits. We have so many different ways to make so much money; it’s amazing. We don’t have to take it away from people on Social Security,” he said. “We’re not going to do that.”
Trump said his message “is simple.”
“Make your product here in America and only in America,” he said. “They’re not going to take advantage of us anymore.”
Trump also said he will “work on the national debt” and “work to bring it down.”
Meanwhile, Trump said that during his administration he “got to know Washington well.”
“I know the smart ones and the dumb ones. I know the ones that can help us become great, and the ones that can just take us into bad territory. I’ve met a lot of people, probably as many as anyone. level, and we have incredible talent that we’re going to use that talent ” he said. “They did a great job on the trade.”
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However, Trump said he will “do things that we didn’t even do the first time.”
Trump promised that if elected, he would ensure that “inflation will disappear, our energy will be freed, our economy will be freed, our sovereignty will be restored, our citizens will prosper.”
“Growth will roar back and America’s future will be brighter than ever,” he said.
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