At a recent gathering of the Detroit Economic Club, former President Donald Trump reiterated his commitment to bolstering American manufacturing.
He proposed substantial tax incentives for businesses that produce goods domestically. Trump outlined a comprehensive economic strategy centered on repatriating manufacturing jobs from overseas, stimulating automobile production, and implementing significant corporate tax cuts.
According to The Post Millennial, Trump criticized the Biden-Harris administration for what he perceives as record-breaking inflation. He lamented the decline in domestic manufacturing, describing the current economic situation as calamitous.
"When I left office four years ago, we had no inflationand we had virtually no inflation during my entire term. Under Biden and Harris, because of inflation, the economy has been a disaster, but Kamala says she cant think of one thing she would do differently. The only way to end this suffering is to vote for change this November, Trump asserted.
Trump cited skyrocketing car prices, rent, and housing costs as indicators of flawed economic policies. He pledged to terminate this "four-year long nightmare" immediately upon resuming office.
Trump proposed the "Build It In America" policy, promising lower taxes, decreased energy costs, and reduced bureaucratic hurdles for companies that manufacture domestically. He suggested a 15 percent corporate tax rate exclusive to American-made products, a drop from the current 21 percent. The former president also proposed expanded research and development tax credits and full write-offs for heavy machinery purchases in the first year.
The US lost nearly 4 million manufacturing jobs after globalist politicians gave us the twin disasters of NAFTA and Chinas entry into the WTO. Nearly a quarter of a million jobs were destroyed here in Michigan aloneincluding 40 percent of all auto jobs, Trump stated. I renegotiated Obamas Korea trade deal to fully restore the protective tariff on foreign pickup trucks. Without that tariff, every single one of the Detroit Big Three could right now be out of business50% of their U.S. sales are pickup trucks. Perhaps most importantly, I imposed a 27.5 percent tariff on all Chinese automobiles. In other words, I kept Chinese cars out of America, he added.
Trump also proposed making interest on car loans fully tax-deductible, aiming to make car ownership more affordable for working families. He concluded by vowing to conquer inflation and usher in "nothing less than a new American industrial revolution.
We will cut taxes, slash regulations, curb wasteful spending, and unleash energy production to rapidly drive prices down and put more money in the pockets of American consumers, he declared, also promising no tax on tips, no tax on overtime, and no tax on social security benefits.
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