Promising to “revolutionize” the tax code in favor of business, Donald Trump revealed a comprehensive and coherent agenda for how he will lure businesses back to the United States through taxation policy.
In his address to the Economic Club of Detroit, the Republican candidate for president promised what he called the biggest “tax revolution” since the days of trickle-down economics of Ronald Reagan.
Trump vowed to cut the maximum tax bill for businesses will be 15 percent, a significant reduction from the current maximum of 35 percent. In addition, he said he will enact a one-time 10 percent tax on the trillions of dollars in corporate profits which are now ensconced off-shore, in order to incentivize the dollars to return home.
Trump emphasized that the cut was directed at business tax havens like Ireland and the United Kingdom. His 15 percent proposal followed a similar statement made by George Osborne, the former chancellor of the exchequer in the UK made in the aftermath of the British vote to leave the European Union.
“We are ready to show the world that America is back — bigger and better and stronger than ever before,” Trump stated.
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