Trump Announces Big Tax Cut for American Manufacturers
President Trump spoke of America’s manufacturing sector in glowing words this weekend, praising American “quality and craftsmanship”, and pledging to help the industry compete with low-cost producers in China.
His plan? To promote his buy-American platform and slash taxes:
The single best tribute to our workers can be found in the unmatched quality and craftsmanship in the products they make…made in the USA is a symbol of unrivaled excellence.
My administration is working every day to lift the burdens on our companies, and our workers, so that you can thrive, compete and grow. At the very center of that plan is a giant, beautiful, massive—the biggest ever in our country—tax cut…
For decades the policy of Washington DC, on the subject of manufacturing, was one word: surrender. Under my administration the era of economic surrender is over, and the rebirth of American industry is beginning.
Under the President’s plan, corporate taxes would be lowered from 35 to 20 percent, and the pass-through business rate would be dropped to 25 percent, from 39.6 percent (currently many small businesses are taxed as personal income)—the lowest in 80 years.
“It will be rocket fuel for our economy,” Trump added.
The success of Trump’s aggressive push has already begun yielding fruit: America’s industrial production has been steaming ahead at the highest levels since 2014, and is set to pick up pace.