'Trump's America First' Economy: President Trump Considering MAJOR Tax Cuts For Second Term, Paying Dividend To American Households

On Monday, a report from The Washington Post revealed that leading Republican presidential candidate and 45th President Donald Trump is planning to cut even more taxes if elected to a second term in 2024.

Per The Post, the Trump team is expecting to cut both the corporate and individual tax rates after the success of his 2017 tax cuts that resulted in more money in the pockets of every American. The initial 2017 tax cuts took the corporate rate down from 35 percent to 21 percent and made a host of cuts to individual taxes. The advisors argued that the new round of tax cuts would be paid for by a 10 percent tariff on all imports entering the United States.

If elected, Trump could lower corporate tax rates to as low as 15 percent and potentially pay a dividend to American households by using the revenue from a tariff. “If Trump goes down the road of that tariff, there’s a desire to convert that into a tax cut of some kind back in the American people similar to the oil income from the state of Alaska,” former Speaker of the House Newt Gingrich explained. 

“There’s a lot of conversation right now about what the next tax priorities of a potential Trump administration should be, including lower rates — which he clearly wants to do,” Trump adviser Arthur Laffer told The Washington Post. “Everyone is talking about taxes and what the new Trump administration would do.”

“There are many ideas coming in about how to undo the damage Joe Biden has done, and President Trump’s America First economic focus remains how we create more higher-paying jobs for American workers, and he will do whatever it takes to make our Country competitive again,” Trump campaign spokesman Jason Miller said. "Trump has not yet committed to specific tax cut numbers for his second term agenda, and his focus will be on how best to help American workers. Stay tuned.”

While the Trump campaign is weighing making the further lowering of tax cuts a priority for the 2024 race, House Republicans are working to ensure that the 2017 tax cuts are maintained given that they expire in 2025. The provisions that are due to expire include a larger Child Tax Credit and a doubling of the standard deduction.

President Biden has sought to enact an international minimum corporate tax rate of 15 percent which would force other nations to not go below that level in order to attract businesses to their shores. Trump's advisors would seek to lower America's rate to that minimum threshold in order to attract businesses from around the world.

“The idea I’ve been talking about with Trump is: Why don’t we go to 15 percent corporate rate, get rid of the credits and deductions, and just make it 15 percent,” Stephen Moore, an economic advisor to Trump, told The Post. “That’s one of the ideas that’s being tossed around, as part of a Trump tax reform plan that would be accompanied by the tariff.”

It is clear that President Trump is forging an innovative economic agenda that challenges the economic orthodoxy of past administrations. While his tariff idea has been met with considerable resistance, it could prove to be an instrumental move to bring back American industry and reinvigorate the economy.

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