Former President Trump on Tuesday is vowing to “launch a historic buildup of American manufacturing muscle and might” through an economic and tax deal he says he will be offering to “every major company and manufacturer on Earth.”
Trump, speaking during a campaign event in Savannah, Georgia, said his plan for the U.S. economy – which is centered around a “15% Made in America” corporate tax rate – will “create millions and millions of jobs, massively raise wages for American workers, and make the United States into a manufacturing powerhouse like it used to be many years ago.”
“Here is the deal that I will be offering to every major company and manufacturer on Earth — I will give you the lowest taxes, the lowest energy costs, the lowest regulatory burden. And free access to the best and biggest market on the planet,” Trump said. “But only if you make your product here in America. It all goes away if you don’t make your product here. And hire American workers for the job. If you don’t make your product here, then you will have to pay a tariff, a very substantial tariff.”
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Republican presidential nominee former President Donald Trump speaks about the tax code and manufacturing at the Johnny Mercer Theatre Civic Center, on Tuesday, Sept. 24, 2024, in Savannah, Ga.
Trump argued that “with the vision I’m outlining today, not only will we stop our businesses from leaving for foreign lands, but under my leadership, we are going to take other countries’ jobs.
“We’re going to take their factories,” Trump continued. “We’re going to bring thousands and thousands of businesses and trillions of dollars in wealth back to the good old USA.”
“Under my plan, American workers will no longer be worried about losing your jobs to foreign nations. Instead, foreign nations will be worried about losing their jobs to America and to bring them back,” he declared.
“And we will take in hundreds of billions of dollars into our treasury and use that money to benefit the American citizens, and it will not cause inflation, by the way,” Trump said.
The current U.S. corporate tax rate is at 21%. Lowering the corporate tax rate to 15% for all businesses would lower tax revenue by $460 billion per a dynamic analysis by the Tax Foundation, to $673 billion, according to the Tax Foundation’s static analysis. The Penn Wharton Budget Model estimates that tax revenue would be $595 billion lower over a decade under the policy.
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Former President Trump also said Tuesday that he, if elected president again, will “appoint a manufacturing ambassador whose sole task… will be to go around the world and convince major manufacturers to pack up and move back to America.” (AP/Evan Vucci)
Meanwhile, Vice President Kamala Harris has proposed raising the corporate tax rate to 28% from the current 21%, after she had previously supported a 35% corporate tax rate during her short-lived presidential campaign in the 2020 cycle. The Harris campaign has described this as a “fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
The CRFB’s analysis found that increasing the corporate tax rate to 28% would raise tax revenue by $1 trillion from fiscal 2026 to fiscal 2035. The Tax Foundation’s analysis also projected that it would raise taxes by $1 trillion, while the Penn Wharton Budget Model estimated it would raise $1.2 trillion in revenue in that period.
Trump ripped Harris during his speech in Savannah on Tuesday, calling her the “tax queen.”
“They love her in other countries because she forces everybody out of our country into their hands. The tax queen is demanding a 33% tax hike on all domestic production,” he said. “Now, you know you can hate companies and all that, but they still fuel growth and they fuel jobs, they fuel everything.”
Trump also announced Tuesday that “we will set up special zones of federal land with ultra-low taxes and regulations for American producers” which will be “ideal spots for relocating entire industries that we’ve taken in from other countries.
Democratic presidential nominee Vice President Kamala Harris speaks at Congressional Hispanic Caucus Institute Leadership Conference at the Ronald Reagan Building in Washington on Wednesday, Sept. 18. Trump called Harris the “tax queen” on Tuesday during his campaign event in Georgia. (AP Photo/Jose Luis Magana)
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He added that he will “appoint a manufacturing ambassador whose sole task… will be to go around the world and convince major manufacturers to pack up and move back to America, where they want to be.”
FOX Business’ Eric Revell contributed to this report.
