Published: Tue, January 24, 2017
USA | By Cassandra Hanson

Trump to Cut Business Regulations by 75%, Taxes to 15-20%

Trump to Cut Business Regulations by 75%, Taxes to 15-20%

The US president noted that he also intends to cut business regulations "massively", by 75 percent. Some independent analyses have concluded that Trump's across-the-board tax cut proposals will balloon the national debt by trillions, but his administration has argued that economic growth will cancel out the effect.

Trump said that he would reduce taxes on the middle class and companies down to 15 or 20 percent, but that a "bigger thing" will be reducing regulations by 75 percent.

In the weeks after the election, Trump met with top tech executives, leaders of top companies like Boehing and Lockheed, as well as union leaders like Richard Trumka of the AFL-CIO.

The top individual tax rate is 39.6 percent for income above $466,951 annually.

"What we want to do is bring manufacturing back to our country". The United States now has one of the highest marginal corporate tax rates in the world at over 38 percent.

Several of Trump's remarks were also on trade. His focus will be on the economy and jobs the entire day, including the expected signing of an executive order to begin unraveling trade deals such as the Trans-Pacific Partnership.

He also told the CEOs gathered in the room that the USA will expedite the approval process for companies looking to build new factories. "If that happens, we are going to be imposing a very major border tax on the products when it comes in".

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"There will be advantages to companies that do indeed make their products here". He has said those tariffs would be as high as 35 percent.

"A bigger thing, and that surprised me, is the fact that we are going to be cutting regulation massively".

As he did on the campaign trail, Trump said that his plans to push American manufacturing and renegotiate trade deals do not mean that he wants to abandon free trade altogether. "It's what the people wanted. And I think it's something I'm good at".

"The problem with the regulation that we have right now is that you can't do anything", Trump said.

"So when somebody wants to put up a factory it will be expedited", Trump said. "We've seen it. It's going to get - it's going to be a wave - you watch.it's going to be a wave".

Fields told reporters the meeting with Trump had been "very, very positive". "That encourages all of us, as CEOs, as we make decisions going forward".

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